Macro without noise #1
Savings are competing with risk again.
NatWest has launched a digital savings account with an interest rate of 4.5% per year. This isn’t, by itself, a “bearish signal” for $BTC .
But when risk-free yields rise, capital begins demanding a higher risk premium.
So I’m watching three things:
— deposit rates;
— inflows into crypto ETFs;
— credit spreads.
What’s more important right now for $BTC — liquidity or market sentiment?
Savings are competing with risk again.
NatWest has launched a digital savings account with an interest rate of 4.5% per year. This isn’t, by itself, a “bearish signal” for $BTC .
But when risk-free yields rise, capital begins demanding a higher risk premium.
So I’m watching three things:
— deposit rates;
— inflows into crypto ETFs;
— credit spreads.
What’s more important right now for $BTC — liquidity or market sentiment?