to ~4.34%, a backdrop that often tightens financial conditions and makes risk assets – including crypto – feel less attractive.

Why should I care?

For markets: Low volume can make moves feel bigger.

Thin trading can amplify price swings because fewer orders are setting the going price. So even a modest dip can look sharper – and reverse faster – when participation dries up. With yields pushing higher, crypto is still taking its cues from the same macro forces that drive growth stocks.

Zooming out: Crypto is still tied to the risk-on cycle.

Days like this underline how closely digital assets can track equities, especially when rates are moving. That’s important if you think of bitcoin as a diversifier – it can behave more…