The return on 30-year Treasuries has just crossed 5.44%, a level not seen since 2004. Inflation, expensive energy, and massive public debt are reigniting the long-term rates spiral, and the macro backdrop is back in control of risk. BTC is down 1.14% to $83,594, ETH is down 0.81% to $2,657; the correlation with yields is back in view. My take: as long as long rates stay above 5.40%, every crypto rally will be sold. Are you overestimating or underestimating this signal? #BTC #Macro