40.2 / 100
Mildly Risk-Off
RISK-OFFBALANCEDRISK-ON
What is driving the read
| Component | Value | Read | Contribution |
|---|---|---|---|
| Volatility (VIX) | 21.15 | Elevated volatility | -1 |
| S&P 500 · 20d | -2.21% | Equities drifting lower | -1 |
| Nasdaq vs S&P · 20d | -7.67pp | Defensive leadership — high beta lagging | -1 |
| Copper vs Gold · 60d | +9.64pp | Copper beating gold — growth optimism | +2 |
| US Dollar · 20d | -0.39% | Dollar steady | 0 |
| US 10Y · 20d | -7.85% | Yields range-bound | 0 |
| BTC / Gold · 20d | -6.09% | Gold outperforming Bitcoin — defensive rotation | -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
19.3817
20-day change
-6.09%
Percentile
65.9th
of sampled window
Bitcoin
76,685.59
USD
Ratio history (trailing window)
2025-10-212026-11-02
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.