$BTC Bitcoin has slipped back to around $82,000 over the past couple of days, edging down slightly over 24 hours. Things look calm on the surface, but risks are building beneath it.
A New York Fed model shows that the term premium on 10-year Treasuries has risen by a cumulative 40 basis points since mid-September, climbing to around 0.98%—its highest level since 2014. At the same time, Alphabet, Amazon, Meta, Microsoft, and Oracle have issued about $220 billion in debt so far this year, more than twice the amount over the same period last year. The fiscal deficit needs financing, and AI infrastructure needs funding. Both are competing for long-term capital, making it hard for Bitcoin to avoid the pressure.
But on-chain, the trend is running in the opposite direction. A Base co-founder said tonight in Singapore that tokenized stocks and non-dollar stablecoins will lead the next supercycle. Over the past 12 months, the circulating supply of tokenized stocks has grown from $400 million to $3.3 billion—an eightfold increase. This U.S.-compliant exchange on a layer-2 network sees daily trading volume of $70 million to $100 million, offers 50 stocks, and plans to expand to 250 by the end of the month.
Traditional assets are under pressure from rising term premiums, while on-chain, those same assets are being repackaged and brought back to the table. One side is reducing exposure, the other is doubling down. That suggests big money is reshaping its portfolio—not exiting, but changing its stance.
#美债期限溢价创十年新高 #代币化股票超级周期 #News
A New York Fed model shows that the term premium on 10-year Treasuries has risen by a cumulative 40 basis points since mid-September, climbing to around 0.98%—its highest level since 2014. At the same time, Alphabet, Amazon, Meta, Microsoft, and Oracle have issued about $220 billion in debt so far this year, more than twice the amount over the same period last year. The fiscal deficit needs financing, and AI infrastructure needs funding. Both are competing for long-term capital, making it hard for Bitcoin to avoid the pressure.
But on-chain, the trend is running in the opposite direction. A Base co-founder said tonight in Singapore that tokenized stocks and non-dollar stablecoins will lead the next supercycle. Over the past 12 months, the circulating supply of tokenized stocks has grown from $400 million to $3.3 billion—an eightfold increase. This U.S.-compliant exchange on a layer-2 network sees daily trading volume of $70 million to $100 million, offers 50 stocks, and plans to expand to 250 by the end of the month.
Traditional assets are under pressure from rising term premiums, while on-chain, those same assets are being repackaged and brought back to the table. One side is reducing exposure, the other is doubling down. That suggests big money is reshaping its portfolio—not exiting, but changing its stance.
#美债期限溢价创十年新高 #代币化股票超级周期 #News