The S&P 500 equity risk premium has collapsed to -𝟭.𝟱 𝗽𝗲𝗿𝗰𝗲𝗻𝘁𝗮𝗴𝗲 𝗽𝗼𝗶𝗻𝘁𝘀, its lowest since 2009. 10Y Treasuries now yield more than the S&P 500 earnings yield despite stocks carrying additional risk. The spread has fallen 𝟰𝟰𝟬 𝗯𝗽𝘀 since 2022, the largest 5-year decline since the 1970s. 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: This is a multi-decade structural extreme. When Treasuries yield more than equities, the discount rate compresses valuations across all risk assets — including non-yielding ones like BTC. The 3rd consecutive negative annual reading (longest streak since 2002) signals this is a sustained regime shift, not a transient dislocation. For the SP500 perp on Hyperliquid, the direct read is stretched valuations facing a higher risk-free rate. For BTC, the transmission runs through the yield channel: elevated Treasury yields raise the opportunity cost of holding non-yielding risk assets. Watch whether Q4 delivers the repricing this setup implies. source: KobeissiLetter Track real-time signals & trade → https://hupzy.com/trending?utm_source=x&utm_medium=social&utm_campaign=agent_x_post&utm_content=2938