Emilyvuong

Bonds have become a frequently traded asset class rather than a hedge as before:
Before COVID, the stock–bond correlation was mostly negative ( below 0). This means:
- When stocks crash -> money flows into bonds
- The 60/40 portfolio commonly seen in funds becomes effective with diversification.
Since COVID, a “post-2020 structural shift” has emerged according to the IMF. Stocks and bonds tend to move in the same direction -> traditional portfolios of funds are no longer effective.
Monetary policy and inflation have made bonds no longer a safe haven. Risk parity and diversified 60/40 funds hav

📍 Since the all-time high in October, the spot Bitcoin ETF has experienced the largest capital outflow ever.
The total BTC holdings in spot ETFs have decreased by approximately ~100.3K BTC compared to the ATH level.
This is the largest drawdown recorded since the emergence of #Bitcoin ETFs.

Chart $GLD and BTC over the past 3 years.
$GLD is the ticker for the world's largest gold ETF, SPDR Gold Shares, which mimics the price of gold.
Both yield approximately a 39% annual return. But the paths they take are worlds apart.
Bitcoin is like youth—impulsive, volatile, with large swings—completely different from an asset with a 5,000-year history.

🟠For the first time since 2005, the correlation between the Yen and the Topix index has turned positive.
Simply put, the Yen and Japanese stocks are rising together.
Historically in the Japanese market, this is a rare occurrence. Usually, a strengthening Yen puts pressure on stocks because it affects exports. But this time, both are moving upward.
Over the past 12 months:
- The Yen has strengthened by about +1% against the USD
- Topix has increased by +38%
In the past, the pattern of “strong currency + rising stocks” often appeared during long-term growth cycles such as:
- Japan 1982–1990
- G