The Power Index ranks five major capital buckets by relative performance for the latest completed session (April 8 close → April 9 close), using close-to-close percentage change in USD. U.S. Equities are proxied by SPY, Treasuries by IEF, Commodities by DBC, Gold by GLD, and Bitcoin by BTC spot close.
U.S. Equities moved up from the middle of the table into first in this window. Treasuries also improved and moved into the top tier. Gold stayed near the middle. Commodities slipped after leading the prior session. Bitcoin remained last again. The top of the table changed. The bottom did not.
Ranked: The Split
U.S. Equities finished first at about +2.55%. Treasuries followed at roughly +0.5%. Gold was modestly positive near +0.05%. Commodities fell about -2.76%. Bitcoin was lower again and stayed fifth. The full top-to-bottom spread was a little over 5 percentage points.
That matters.
A wide spread usually tells you capital made a clear choice. This table did do that at the top. But it still did not give one clean message across all five buckets. The order changed, but the confirmation stayed mixed. This was a stronger table than the earlier tight session. It still was not a full all-clear.
The sharper signal sat inside equities.
SPY finished first at roughly +2.55%. But equal-weight equities, using RSP as the check, did not move with the same force. The right reference point here is that SPY was still ahead of equal-weight by roughly 0.8 to 1.0 percentage points. The headline index looked stronger than the average stock underneath it.
That is not a small detail. In a cap-weighted index, a few very large names can pull the headline around. When SPY leads while equal-weight lags, the buying is stronger in leadership than across the full list. That is support at the top, not broad support everywhere.
The second sharp signal was in the defensive layer.
Treasuries ranked second. Gold only ranked third. If this were a pure risk-on rebound, duration would usually do less than that. It did not. But gold did not take over either. So the table did not show one clean offensive message. It showed partial defense staying alive while equities took first.
That makes Bitcoin more important, not less.
Bitcoin stayed last again. That is now multiple bottom finishes in a five-asset universe. When an asset finishes fifth once, that can be noise. When it stays fifth while U.S. Equities jump to first and Treasuries also rise into the top tier, that is a cleaner behavioral read: capital is still not using Bitcoin for offense or defense in the same way it is using the other buckets. It is being passed over while the rest of the table reorders above it.
The key reference point is this:
U.S. Equities led at about +2.55%.
Treasuries followed and moved into second.
Commodities dropped about -2.76% after leading the prior session.
Bitcoin stayed last again.
That is not one big regime call. It is a more useful read than that.
It says the ranking moved, but the structure underneath stayed selective, uneven, and only partly confirmed. And when the table splits like this, what matters most is not just who moved to first.
It is which layer moved with them and which one did not.
The ranking changed. The structure underneath did not fully follow.