This is not a euphoric market. It’s a positioning-driven one. Capital is rotating selectively, flowing only where liquidity, fundamentals, and market structure align. Equities pushed higher on renewed AI momentum from Nvidia, while industrial commodities continue to signal tight supply and durable demand. Copper at new highs and nickel reacting to production cuts point to a real-economy trade, not just financial positioning. Gold’s pullback after a sharp rally looks more like digestion than reversal. Geopolitically, conditions remain fragmented. Short-term energy policy has eased oil prices, but the larger shift is intact. As Ray Dalio has recently laid out, debt saturation, fiscal pressure, and geopolitical fragmentation are driving capital away from U.S.-centric risk and toward real assets and diversified geographies. Crypto is behaving the same way. Bitcoin tested the mid-$90Ks and stalled, typical of a market where institutional flows are constructive but liquidity isn’t chasing momentum. On-chain data continues to show accumulation beneath the surface as price consolidates. Ethereum’s rebound is structurally healthier than price alone suggests. Staking dynamics have normalized, exit pressure has faded, and while recent buying has been retail-led, the protocol is in a stronger position than late last year. Altcoins remain selective. Activity is strong in ecosystems like Solana, but sharp collapses in speculative names reinforce that this phase rewards discernment over enthusiasm. ETF flows tell the same story: rotation and caution, without a broad risk-off signal.