Bloomberg Increases BTC ETF Odds, Curve Debt Remains a Risk

A proposed increase in long-term treasury issuance coupled with Fitch’s downgrade of U.S. government debt has caused upward pressure on long-term rates today, with the U.S. 30-year rate moving to 4.2%, the highest since November of last year. Major equity indices have experienced a concurrent pullback alongside a 15% spike in the VIX. Meanwhile, the DXY has surged to 102.6, reaching its highest level in nearly a month. Among the majors, BTC has retraced some gains from its run to $30k yesterday evening, dropping to $29.3k, while ETH remains range-bound, currently trading around $1840. Many alts are facing pressure, possibly due to the ongoing Curve drama, which we will delve into further below. However, amidst this turbulence, SNX -0.41%  stands out as a DeFi token showing considerable strength, recording a 5% increase over the previous 24 hours.