As we kick off the new year, European equities are hitting record levels, riding the wave of broad-based gains across global markets. Risk assets are moving higher across the board—from traditional equities to commodities—signaling strong appetite for riskier positions. This synchronized rally across major markets tells us something about the current macro backdrop: investors are rotating into higher-yielding assets, which often correlates with crypto market momentum as well. When traditional markets surge like this, alternative assets typically follow suit. Worth watching how long this risk-on sentiment can sustain.