【Midday Deep Dive | Why Are Institutions Still Buying $BTC Despite Treasury Yields at 24-Year Highs?】
Over the past 24 hours, two forces have been battling it out:
Macro headwinds: The 10-year Treasury yield surged to 5.34%, while the 30-year reached 5.70%—both their highest levels since 2002. The ISM Services Prices Index came in at 74.0, and markets have priced in a rate hike in December. On top of that, three tankers were attacked in the Strait of Hormuz, and a US blockade of Iran has forced 130 merchant ships to reroute, keeping inflation expectations and pressure on risk assets elevated.
Crypto buying: The SEC cleared 3x leveraged Bitcoin and Ethereum ETFs. Spot BTC ETFs saw net inflows of $189.9 million last Friday, turning positive for a second consecutive day. Strive made a $169 million Bitcoin purchase in a single transaction, its largest buy in four months. An INJ staking ETF (INJC) has been filed with the SEC, Grayscale’s XRP Trust has been approved for in-kind creations and redemptions, and RWA on nine public blockchains has topped $1 billion each.
Takeaway: New yield highs mean the liquidity anchor has shifted upward, so short-term volatility is hard to avoid. But approval of leveraged products and the return of institutional capital show that structural demand remains. A macro-driven sell-off could be an opportunity for institutions to accumulate—for example, the expansion of $ZEC mining (Fortitude securing priority supply from Bitmain and making a $100 million commitment) suggests long-term capital is already positioning itself.
NFA | DYOR
#比特币 #以太坊 #ETF #RWA #Macroeconomics
Over the past 24 hours, two forces have been battling it out:
Macro headwinds: The 10-year Treasury yield surged to 5.34%, while the 30-year reached 5.70%—both their highest levels since 2002. The ISM Services Prices Index came in at 74.0, and markets have priced in a rate hike in December. On top of that, three tankers were attacked in the Strait of Hormuz, and a US blockade of Iran has forced 130 merchant ships to reroute, keeping inflation expectations and pressure on risk assets elevated.
Crypto buying: The SEC cleared 3x leveraged Bitcoin and Ethereum ETFs. Spot BTC ETFs saw net inflows of $189.9 million last Friday, turning positive for a second consecutive day. Strive made a $169 million Bitcoin purchase in a single transaction, its largest buy in four months. An INJ staking ETF (INJC) has been filed with the SEC, Grayscale’s XRP Trust has been approved for in-kind creations and redemptions, and RWA on nine public blockchains has topped $1 billion each.
Takeaway: New yield highs mean the liquidity anchor has shifted upward, so short-term volatility is hard to avoid. But approval of leveraged products and the return of institutional capital show that structural demand remains. A macro-driven sell-off could be an opportunity for institutions to accumulate—for example, the expansion of $ZEC mining (Fortitude securing priority supply from Bitmain and making a $100 million commitment) suggests long-term capital is already positioning itself.
NFA | DYOR
#比特币 #以太坊 #ETF #RWA #Macroeconomics