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Investors are rotating out of crypto and into bonds.
US Treasury yields have climbed to 5.12% - the highest level since the 2008 financial crisis.
Rising government bond yields almost always put pressure on risk assets, including BTC. When “safer” instruments start offering higher returns, capital naturally begins moving out of volatile markets and into more stable yield.
At the same time, yields on 30-year government bonds in Japan and the UK are also pushing to new highs, adding even more pressure to the global risk backdrop.
$BTC $SOL $1CAT