The Power Index ranks five major capital buckets by relative performance for the latest completed session available for this edition (April 21 close → April 22 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.
Bitcoin stayed at the top in this window. Gold moved into second. Commodities held the upper half. U.S. Equities followed just behind. Treasuries finished last, even though they were still slightly positive. The table turned green across all five, but the order stayed uneven.
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Ranked: The Concentration
Bitcoin finished first at about +3.34%. Gold followed at about +1.32%. Commodities were third at roughly +1.03%. U.S. Equities rose about +1.01% and ranked fourth. Treasuries gained about +0.10% and finished last. The full spread was about 3.24 percentage points. The top three made up roughly 83.7% of the total move.
All five rose. The move still leaned on the top.
The table looks broad at first glance. All five moved higher. But the weight of the move stayed at the top. This was not equal participation. It was a wider surface with a concentrated core.
The sharper signal showed up inside equities.
SPY rose about +1.01%. But equal-weight did not keep up. The headline index moved faster than the average stock. So even with U.S. Equities positive, the move was not fully shared.
This is not broad participation. It is top-heavy strength.
That distinction is important. A cap-weighted index can rise even if most stocks do not move the same way. When SPY leads and equal-weight lags, the buying sits at the top of the market, not across it.
The second signal came from the defensive layer.
Treasuries ranked last at about +0.10%. Gold ranked second at about +1.32%. That is a gap of roughly 1.22 percentage points. If capital were moving cleanly into defense, those two would not separate like that.
One hedge moved. The other did not.
That keeps Bitcoin’s position in focus.
A first-place finish can sometimes be noise. But here, the gap was large enough to matter. Bitcoin did not just edge higher. It created distance from the rest of the table while the rest moved unevenly.
The key reference point is this:
Bitcoin led at about +3.34%.
Gold followed at about +1.32%.
Commodities and U.S. Equities sat near +1%.
Treasuries rose only about +0.10% and finished last.
That is not one clean message. It is a layered one.
The table broadened. But the structure underneath did not fully spread. Bitcoin held first. Gold and Commodities carried most of the move. Equities rose, but mainly from the top. Treasuries stayed positive without adding much.
The ranking widened. The structure stayed concentrated.