The rotation into risk assets is unfolding at uneven momentum across markets.

In crypto, Bitcoin [BTC] has rallied 17% in Q2. However, the price structure still reflects consolidation rather than expansion.

From a technical view, BTC remains 35% below its $126k peak, with persistent resistance in the $80k-$85k range preventing a transition into price discovery despite improving broader risk sentiment. 

In contrast, U.S. equities are demonstrating stronger capital absorption. From a technical standpoint, the NASDAQ index has gained over 22% so far in Q2, while the S&P 500 reached a record high of 7,400 on the 8th of May.

This divergence is largely liquidity-driven, as more than $10 trillion has flowed into U.S. equities within…