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For markets: Volume shows whether a rally has legs.

A price jump can be a headline, but volume shows how many people are actually taking part. bitcoin’s big volume spike suggests buyers and sellers both showed up, which can make moves more durable – or more volatile if sentiment flips. The fact that stocks rose at the same time is a reminder that crypto often trades like a high-beta version of equities when investors feel good about risk.

Zooming out: Rates still matter even on green days.

Crypto can rally even when yields tick higher, but higher interest rates tend to raise the hurdle for assets that don’t generate cash flows. That’s why investors watch Treasurys and dollar liquidity alongside token news. If yields stay…