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It’s all about the bonds, baby

Bitcoin hit the skids again this weekend, dropping some $3K from $86.5K to $83.1K as of publish time. What looked like a brief respite following Trump’s Strategic Bitcoin Reserve announcement last week turned into further disappointment—a classic ‘Bart pattern’ for those in the trading game.

An interview with Trump’s Treasury Secretary, Scott Bessent, proves to be useful here. Last week on CNBC, Bessent reiterated a policy the market is coming to grips with: the importance of the bond market.

As reported by Reuters in February, theTreasury Department is now focused on the 10-year Treasury yield. Those notes finance upwards of $18 trillion in debt, meaning most of government business.

In other words, the trend line for the 10Y matters more than the ups-and-downs of our 401(k)s, which became a barometer for success during Trump’s first term.

“There’s no put. The Trump call on the upside is, if we have good policies, then the markets will go up,” Bessent said last week.

For Bitcoin—which largely trades with equities—we’re locked in here with the stock bros.

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Stablecoins pass $200 billion in marketcap following OCC news

The Office of the Comptroller of the Currency (OCC) published a note Friday affirming “that a range of cryptocurrency activities are permissible in the federal banking system.” The stablecoin market cap surpassed $200 billion - link

Bitcoin drops as ByBit hacker sells $300 million

North Korean hacker organization Lazarus Group sold off more of its $1.5 billion stash, breaking Bitcoin’s strength at $86K. An interview from CoinDesk suggests the group is selling into Chinese and Russian money markets - link 

Utah moves to pass Bitcoin bill without reserve portion

A bill that enshrines the right to mine, run a node, and self-custody Bitcoin moved forward without a section to purchase Bitcoin for the state balance sheet. The bill now goes to the governor's desk for signature - link

Bitdeer Announces Tape-Out of Silicon for Next-gen unit

Singapore-based Bitcoin miner Bitdeer issued a press release claiming a successful tape-out and testing of its new Bitcoin ASIC chip, achieving 9.7 J/TH.

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