Bitcoin has extended today’s decline to 3.5% or $3110 in a decline to $84,163.

Risk is being taken down across the board today and that’s not a big surprise to me. At the start of the day, when stocks were almost flat, I wrote that I suspected quarter-end flows were propping up risk assets. That dam has obviously cracked with the S&P 500 now down 1.6% and the Nasdaq 2.2% lower.

If there is any silver lining, USD/JPY has stopped falling so we could see some stabilization. I don’t like what I’m seeing in bonds though with yields down 6-9 bps across the curve.