The Fed hiked to 3.75-4% this month. The 10-year sits near 4.9%. The dollar just hit a 2-month high. That combination should put pressure on risk assets. Instead, Bitcoin is coming off its strongest August in years and spot ETFs just pulled in nearly $1B in a single day. The textbook relationship isn't holding up cleanly. We cover what may be changing in Beat Banks, our newsletter.
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