This looks less like a clean risk-on regime shift and more like a classic post-deleveraging reflex rally.

Equities. The breadth and magnitude of the rebound suggest forced selling has largely run its course for now. Big Tech leadership points to short covering and systematic re-risking rather than fresh conviction. A true risk-on turn would normally be accompanied by stabilising real yields and follow-through volume over several sessions.

Precious metals. Gold and silver rising alongside equities is not a textbook “liquidity flood” signal. Instead, it is consistent with a rebound after margin-driven liquidation. Silver’s outsized move, in particular, reflects how violently it was sold into previously. This behaviour aligns more with volatility normalisation than renewed risk confidence.

Crypto. Bitcoin reclaiming the mid-$60k range indicates the immediate stress point has eased, but the speed of the move suggests positioning repair rather than new inflows. In genuine liquidity expansions, crypto typically leads and sustains momentum, not merely snaps back.

Bottom line. This is best read as a relief bounce following mechanical deleveraging, not confirmation of a durable risk-on cycle. Liquidity conditions still look fragile. For the rally to gain credibility, markets need:

multi-day equity follow-through,

calmer funding and volatility metrics,

and risk assets moving in a more differentiated, not synchronised, manner.

Until then, the price action signals reduced immediate stress, not restored stability.