Goldman Sachs warns of U.S. market risks – Why crypto may gain instead

Goldman Sachs warns U.S. equities may be underpricing downside risk amid elevated macro uncertainty — driven by rising Treasury yields and the prospect of energy shocks if the Strait of Hormuz remains closed. The U.S. 10-year Treasury yield has climbed above 4.63%, and oil has jumped roughly 10% in under two weeks toward $120/barrel, heightening inflation and volatility risks for stocks. However, crypto markets show robust liquidity metrics that could attract capital if equities weaken: ETFs saw $1.51 billion in inflows, stablecoins $2.49 billion, and centralized exchange (CEX) holdings rose by $3.29 billion. The piece argues this liquidity backdrop suggests crypto may be relatively undervalued and positioned to benefit from a liquidity-driven rotation away from stretched equities.