Long-End Yields as the Binding Macro Constraint on Crypto Valuation

As long-end Treasury yields rise to dominate crypto valuation, the Bank of Korea's hawkish signal and neutral stablecoin flows suggest a distribution phase, with capital rotating toward Real World Assets and defensive sectors.

Macro Market Intelligence: Geopolitical Risk, Hawkish Fed Bias, and Capital Flow Stasis

Escalating US-Iran tensions, a 50% probability of hawkish FOMC outcomes, and South Korean equity contagion create a high-volatility macro regime. Stablecoin flows remain neutral, suggesting institutional capital is sidelined ahead of the Fed decision.