Risk Assets Remain Under Pressure, Nakamoto Upgrade to Commence Next Week

Market Update Risk assets remain under pressure as the DXY's relentless rally has continued, now approaching its 2023 highs, currently at 106.5. Rates continue to move higher, with the 10Y now reaching a new year-to-date high of 4.7%. Gold continues its upward march amid persistent geopolitical tensions. Crypto remains weak in the face of rising rates, geopolitical risks, and tax season. $BTC continues to range between $61K and $63K following yesterday's afternoon drawdown. $ETH and $SOL are also moving lower today, down to $3050 and $133, respectively. There are some isolated pockets of strength in the market, most notably $TIA, which is up about 10% on the day. Major equity indices also continue to show weakness, with the SPX and QQQ both slightly lower thus far today. The recent weakness and uncertainty throughout the market has manifested itself in reduced ETF flows, with the last two days posting net outflows, bringing the 7-day moving average of net flows to about breakeven.Source: Farside Investors, FundstratDespite recent price fluctuations, excitement is mounting in the Bitcoin ecosystem. In addition to the upcoming halving and the launch of Runes, Bitcoin's layer-2 network, Stacks, is set to begin its Nakamoto upgrade next week, aiming to be completed by the end of May