ose 1.7% and the S&P 500 added 0.8% as Treasury yields slipped – the 10-year yield fell to 4.363% from 4.392%, and the 5-year to 4.011% from 4.043%. Lower yields can matter because they reduce the return investors can get from relatively safe bonds, which can make higher-risk assets feel more attractive at the margin.

Why should I care?

For markets: Bond yields eased and the riskiest coins moved first.

Crypto often trades like a “high beta” corner of markets – meaning it can swing more than the broader market when risk appetite changes. When Treasury yields dip, investors sometimes lean back into growth stocks and other risk assets, which is what Thursday’s mix suggested: tech stocks rose and crypto followed. Within crypto,…