🇺🇸 US government bonds have been ripping higher over the last few weeks, and the crypto market barely gives any reaction.
In past cycles, BITCOIN usually moved the other way when bond yields jumped. Higher yields meant tighter money, and $BTC often sold off with it. That link has basically faded lately.
A big reason for this, Kevin Warsh, the Fed Chair, has stepped away from the old way of telling markets where rates are headed. He does not want traders hanging on every Fed hint. He wants them to read the economy themselves. That is why a weak unemployment print, or a sharp move in bonds, has not hit crypto the way it used to.
This cycle looks different. The data points everyone obsessed over last time are not moving price the same way. Liquidity, flows, and narrative are doing more of the work.
#fed #KevinWarsh
In past cycles, BITCOIN usually moved the other way when bond yields jumped. Higher yields meant tighter money, and $BTC often sold off with it. That link has basically faded lately.
A big reason for this, Kevin Warsh, the Fed Chair, has stepped away from the old way of telling markets where rates are headed. He does not want traders hanging on every Fed hint. He wants them to read the economy themselves. That is why a weak unemployment print, or a sharp move in bonds, has not hit crypto the way it used to.
This cycle looks different. The data points everyone obsessed over last time are not moving price the same way. Liquidity, flows, and narrative are doing more of the work.
#fed #KevinWarsh
