U.S. 10-year yields have surged to 5.2%, back to the level seen the night before the 2008 financial crisis; UK 10-year yields are at 5.38%, an uglier sight than we’ve seen in 30 years. The cost of borrowing around the world is exploding, and risk assets can’t quite draw a breath. Don’t tell me that “the bad news is already priced in.” When liquidity gets drained, even Bitcoin has to kneel and call it “Daddy.” 🚨

$BTC #Macro