Each time the US 10-year bond yield stayed above 4% during this run, we saw only blue chips outperforming, while alts and low-cap stocks experienced failed market rallies drained of liquidity because market attention was elsewhere — not on risk assets broadly, but specifically on the leading ones.
Recently, we’ve seen the same dynamic again. Since April last year, we printed a higher low on the US10Y. Bitcoin and blue chips had another run until October, when Bitcoin together with some leading stocks — printed a top, while the US10Y printed a bottom.
More recently, in early February, the US10Y