1/ If the debasement trade is back, why is Bitcoin falling as bond yields surge? The answer is time horizon. A global bond selloff and rising long-term yields can reflect growing concern over government debt and fiscal sustainability. Under the debasement thesis, that eventually strengthens the case for scarce assets like gold and Bitcoin. Short term, markets price the more immediate effect: higher yields tighten financial conditions, support the dollar, and raise the opportunity cost of holding risk assets. So the same bond selloff can pressure Bitcoin today while strengthening its longer-term macro thesis.(BloFin Research)