Markets tanked this week.
US stocks fell hard. Global equities followed. Long-dated bonds sold off. Bitcoin dropped below $90,000, ETH and SOL were down double digits on the week, and close to $900M in crypto leverage was wiped out in the past 24 hours.
Crypto’s total market capitalization has lost $300 billion since Jan. 14.
Gold went the other direction and hit new all-time highs.
That combination is the story. When stocks, bonds, and crypto are all under pressure at the same time, while gold quietly rallies, it usually means the problem isn’t a single asset. It’s the system around them.
The spark this time came from Japan.
In the rest of this article, we’ll go over:
- Why Japan triggered this selloff
- Why gold acted like a hedge and bitcoin didn’t
- The startling historical gold-vs-stock pattern that may be repeating
- How to rethink portfolios when correlations rise
What Happened in Japan
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