Bitcoin survived 5% yields but crypto’s cheap-money era did not

- The US 10-year Treasury yield hit 5.34%, proving the cheap-money era is officially dead and buried. Bitcoin didn’t just survive; it gained 43% while bonds offer a risk-free 5%. Citi now forecasts $113,000, citing ETF inflows that dwarfed the liquidation flushes. Meanwhile, crypto treasury companies are trading below NAV because their financing model relied on magic and low rates. DeFi yields can’t compete with tokenized Treasuries unless you want exposure to smart contract risk. The market repriced leverage, not conviction. If yields stay high, expect more forced deleveraging for those moonbois who forgot that capital has a cost. Where's my cut?