The 2-year Treasury yield dropped 9 to 14 basis points after a softer-than-expected CPI print in mid-July. The 10-year yield now trades between 4.40% and 4.48%, while the 30-year rate briefly exceeded 5% in May. The bond market has pulled back from its most hawkish positions, but Bitcoin remains at risk if the 10-year yield cannot stay below the 4.50% threshold. Institutional flows through spot Bitcoin ETFs serve as a real-time barometer, with single-day outflows reaching $649 million during the previous yield spike.
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