Emerging-market equities are taking a hit right now. Japanese bond selloffs are hitting hard, and the whole trade situation brewing between the US and Europe over Greenland isn't helping either. When you've got these kinds of headwinds, risk appetite just evaporates. Everyone's getting jittery about what happens next—whether it's tariffs, geopolitical tensions, or just the broader squeeze on global growth. For traders watching crypto and other high-risk assets, this is the kind of macro backdrop that tends to weigh on everything. The shift from risk-on to risk-off sentiment flows pretty quick across markets.