66.4 / 100
Mildly Risk-On
RISK-OFFBALANCEDRISK-ON
What is driving the read
| Component | Value | Read | Contribution |
|---|---|---|---|
| Volatility (VIX) | 15.73 | Calm risk environment | +1 |
| S&P 500 · 20d | -0.33% | Equities flat over 20 sessions | 0 |
| Nasdaq vs S&P · 20d | +1.08pp | No clear leadership | 0 |
| Copper vs Gold · 60d | +2.14pp | Mild growth preference | +1 |
| US Dollar · 20d | +1.42% | Dollar steady | 0 |
| US 10Y · 20d | +6.32% | Yields drifting up with growth | +1 |
| BTC / Gold · 20d | +14.14% | Bitcoin outperforming gold — risk appetite improving | +1.5 |
Bitcoin / Gold ratio
The cleanest single read on appetite for a speculative asset versus a hard asset. Rising means capital is rotating toward risk; falling means it is hiding.
Ratio
17.3945
20-day change
+14.14%
Percentile
64th
of sampled window
Bitcoin
76,626.26
USD
Ratio history (trailing window)
2025-09-052026-09-17
How to read this
- Each component is scored −2 (strongly risk-off) to +2 (strongly risk-on), weighted, then mapped onto 0–100. 50 is balanced; nothing here is a buy or sell instruction.
- Weights favour the inputs with the most direct transmission: volatility and equity trend carry the most, the 10-year yield the least.
- Risk gauges are regime descriptors. They can stay stretched for a long time, which is why this is a backdrop panel and not a timing tool.