#纳指100本周跌5.5%创18个月最大周跌幅
U.S. stocks have fallen this much this week, but the really alarming thing isn’t how many points they’ve dropped. It’s that the bond yield of a company in the computing-power business briefly hit 15%.
What does 15% mean? For a business that borrows money to buy chips and expand, its profit margins can’t come close to covering that cost. The market isn’t selling this company—it’s rejecting the whole “borrow to expand” business model.
This matters to us. U.S. Treasuries now yield 5.1% with little effort, while junk bonds have to offer 15%. Everything in between is being repriced. BTC doesn’t earn interest, so it naturally falls behind in this pecking order. It’s not that BTC is bad; money just has easier places to go.
So don’t fixate on the Nasdaq index—that’s the outcome. Watch the borrowing costs for companies like this instead. Risk appetite won’t truly return until interest costs start coming down. Until then, every rally in crypto will be short-lived.
BTC is at 81,500 now. As for the 80,000 level, I’ll say the same thing: I’m in no hurry to go long next week.
#纳指100本周跌5.5%创18个月最大周跌幅 #BTC
U.S. stocks have fallen this much this week, but the really alarming thing isn’t how many points they’ve dropped. It’s that the bond yield of a company in the computing-power business briefly hit 15%.
What does 15% mean? For a business that borrows money to buy chips and expand, its profit margins can’t come close to covering that cost. The market isn’t selling this company—it’s rejecting the whole “borrow to expand” business model.
This matters to us. U.S. Treasuries now yield 5.1% with little effort, while junk bonds have to offer 15%. Everything in between is being repriced. BTC doesn’t earn interest, so it naturally falls behind in this pecking order. It’s not that BTC is bad; money just has easier places to go.
So don’t fixate on the Nasdaq index—that’s the outcome. Watch the borrowing costs for companies like this instead. Risk appetite won’t truly return until interest costs start coming down. Until then, every rally in crypto will be short-lived.
BTC is at 81,500 now. As for the 80,000 level, I’ll say the same thing: I’m in no hurry to go long next week.
#纳指100本周跌5.5%创18个月最大周跌幅 #BTC