The U.S. 10-year Treasury yield has pushed above 5%, while $BTC is trading around $84.5K.

The macro backdrop is getting harder to ignore:

▪️ 🇺🇸 10Y yield: ~5.12%

▪️ $BTC: ~$84.5K

▪️ 📊 PMI: 58.4, a 5-year high

▪️ 🛢️ Brent: near $100

▪️ 📈 Markets sharply repriced expectations for another Fed hike

But here’s the debate:

💵 A ~5% Treasury yield is now competing directly with risk assets.

At the same time, $BTC has delivered a huge return over the same multi-year period despite yields rising hundreds of basis points.

So is the “higher rates = bad for crypto” narrative too simple?

If the Fed hikes again in October, what happens next?