Bitcoin (BTC) has dropped more than 2% in the past 24 hours, with some of the other major coins such as XRP (XRP), ether (ETH) and solana (SOL) sliding even further. The move looks less like a crypto-specific story and more like a broad-based exit from riskier investments.

Futures tied to copper, a closely watched barometer of global economic health, fell nearly 1%, extending Wednesday’s 1.6% decline. Other growth-sensitive assets tumbled, with Asian stocks dragged lower by a rout in Korean chipmakers. Nasdaq index futures and risk-sensitive currency pairs such as Aussie dollar-Swiss franc, are down as well.

At the same time, Treasury yields are falling — meaning bond prices are rising — while gold is up 1%. The yield on the 10-year…