ds raise the “risk-free” return available in Treasurys, which can make investors demand stronger upside potential before pushing up prices of riskier assets like crypto.

Why should I care?

For markets: Heavy turnover can make a quiet price feel jumpy.

When volume rises much faster than price, it often points to short-term positioning, hedging, or investors rotating between venues – not a wave of fresh, long-term conviction. That can leave liquidity looking fine until a larger order hits, at which point prices can move quickly. For traders and market makers, days like this can translate into wider spreads and sharper intraday swings across bitcoin and the wider crypto complex.

Zooming out: Rising yields can cap risk assets without…