Bitcoin, copper, stocks, yields all fall; gold rises

Bitcoin BTC$80,955.28 has dropped more than 2% in the past 24 hours, with some of the other major coins such as XRP (XRP), ether ETH$2,359.48 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 note, the benchmark borrowing rate, has dropped by eight basis points to 5.08%, extending the pullback from the recent peak of 5.36%. Treasuries and gold are often treated as haven investments.

Together, the moves point to investors reducing exposure to risk and seeking safety, with some stagflation fears mixed in.