Bitcoin, Ethereum up 37% and 35% year to date

Quick Take

• So far in 2023, risk-on assets have blown expectations out of the water, as Bitcoin and Ethereum have increased over 35% since the start of the year.
• January has seen financial markets shift expectations that interest rate policy could ease with inflation softening.
• In 2022, risk assets got crushed due to rate hikes increasing at the fastest pace ever.
• Nasdaq, S&P 500, Gold, and TLT are all up year to date.
• Significant currencies such as the euro, pound sterling, and Russian ruble are all up on DXY year-to-date.

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