That risk-on pocket extended into speculative areas like biotech and crypto proxies, including strong moves in $ARKG, $XBI, $BITO, and $GBTC over the last week. Breadth, however, was not broad-based.

Market Observation for Sep 21:
Risk appetite extended beyond equities into crypto proxies, with $BITO up 6.41%, $GBTC up 6.48%, and $BITX up 12.91%.

Market Observation for Sep 18:
Crypto-linked vehicles showed outsized upside, with $BITX +12.38%, $GBTC +6.21%, and $BITO +6.23%.

Market Observation for Sep 15:
Crypto-linked risk came under pressure, with $BITX -7.36%, $GBTC -3.65%, $BITO -3.58%, and $COIN -10.1%.