Risk-on rotation accelerating across cyclicals, with tech and copper leading the charge…

Risk-on rotation accelerating across cyclicals, with tech and copper leading the charge while defensive staples and energy lag. Cross-asset momentum suggests growth positioning ahead of broader market participation. BTC at $77,590, below $80K. Crypto sentiment: 28 (Fear, 7d avg 28). Equity sentiment (CNN F&G): 58.3 (Greed), 7d avg 65.9, 30d avg 67.6. BTC ETF flows: -$101M outflow on May 22 (Fri close), after -$1.4B outflow trailing 5-trading-day.

Top sectors: XBI +4.7%, COPX +4.6%, SMH +4.4%, XLP -1.7%, XLE -3.5%. 1. Biotech (XBI +4.7%) — strong 2. Copper Miners (COPX +4.6%) — strong 3. Semiconductors (SMH +4.4%) — strong 4. Consumer Staples (XLP -1.7%) — weak 5. Energy (XLE -3.5%) — weak

Pre-market — tradfi reflects Thu close, crypto live. Risk Gauge: 100.0/100 (Critical). Phase: EXPANSION. SPY +1.2% | QQQ +1.9% | VIX -3.9% | TLT +1.4% | DXY +0.1% | OIL -0.8% Composite Risk: 44.1/100 (MODERATE). CAPE: 41.9 (BUBBLE_TERRITORY, 99th %ile, +145% vs mean). Geopolitical risk: 36/100 (MODERATE). Top: Middle East / Red Sea 43/100 (MODERATE, natural_gas bullish).

ICSA: 211K (FLAT trend, +0.03z) Business cycle: LEI 99.85 (STABLE), claims ↓209K, 2s10s +0.49. Fed implied: -1.7 cuts (HIKES_PRICED); 10Y breakeven 2.39% (NORMAL).

(33%) — Tech Rally Extension SPY: $764.69-779.33 (+3-5%) QQQ: $749.73-770.86 (+5-8%) BTC: $81,415-85,239 (+5-10%)

(33%) — Crypto Decoupling BTC: $83,710-89,064 (+8-15%) TLT: $81.73-83.39 (-3 to -1%) QQQ: $693.38-707.47 (-3 to -1%)

(34%) — Defensive Rotation TLT: $86.71-88.37 (+3-5%) DXY: 100.21-102.16 (+1-3%) SPY: $720.75-728.08 (-3 to -2%)

↑ Korea★: 0.539 (Δ +0.024, EARLY) ↑ Gold: 0.552 (Δ +0.018, CORE) ↓ Software: 0.569 (Δ -0.015, CORE)

Top movers: EWY +7.1%, NEAR +6.7%, SOXX +5.6%, XBI +4.7%, SMH +4.4%, XMR -4.1%. EWY $186.42 (+7.1%) — South Korean equity surge on regional growth optimism and tech sector strength NEAR $2.07 (+6.7%) — Near protocol rallying on ecosystem development momentum amid crypto positioning flows SOXX $524.71 (+5.6%) — Semiconductor strength driving tech rally on AI demand and cycle upturn expectations XBI $132.78 (+4.7%) — Biotech momentum on sector rotation into growth names and positioning ahead of catalysts SMH $567.88 (+4.4%) — Semiconductor ETF strength following chip demand recovery and supply chain normalization themes XMR $382.78 (-4.1%) — Monero weakness on regulatory overhang and rotation out of privacy coins into majors Growth assets leading broad risk-on rotation as defensive positioning unwinds into cyclical momentum

BTC ETF flows (DefiLlama, issuer-reported): -$101M outflow on May 22 (Fri close) (IBIT -$104M, ARKB +$3M). Trailing 5-trading-day net: -$1.4B outflow. Copper #1 (COMEX): +73.5K net, Δ +10.4K (ADDING_LONGS) Gold (COMEX): +100.6K net, Δ +5.0K (ADDING_LONGS)

▲ Tech Semiconductor Surge [NVDA, AMD, TSM, SOXX] ▼ Fed Hawkish Pivot Impact [DXY, EUR, AUD, TLT] ▼ Bitcoin Miner Capitulation Concerns [BTC, ETH, MSTR, COIN] Congress (last 3 pages): 21 buys / 15 sells [R:1B/1S, D:20B/14S]. Top: QCOM(2), NVDA(1).

Tech and copper strength signals confidence in growth cycle acceleration, while energy weakness suggests supply normalization concerns. Watch for broader participation beyond semiconductors as momentum builds. Defensive underperformance creates tactical opportunity for growth positioning into session strength, though crypto outflows warrant caution on risk appetite sustainability.