As the Santa Rally kicks off in equity markets, we're seeing a fascinating divergence play out across asset classes. Bullion and crude oil are climbing, signaling renewed appetite for hard assets and commodities, while bonds and the US dollar are retreating. The dollar weakness is particularly noteworthy—it typically boosts emerging market risk assets and commodities priced in USD. For crypto investors, this backdrop matters: when traditional stocks are rallying and dollar strength fades, capital often rotates into alternative assets. Whether this Santa season momentum sustains or we see profit-taking will shape near-term volatility across the broader macro landscape.