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Why tighter Fed usually fights this bid $BTC Higher 1-year inflation expectations + 30-year yield through 5.5% raise the hurdle rate on every long-duration, non-yielding asset. In theory: real yields up → opportunity cost of holding BTC up → risk-off. In practice, spot ETFs are a different pipe. Some of that $2.8B is not a discretionary “risk-on” trader. It’s access (brokerage, IRA, advisor models) that didn’t exist the last time 30s were this high.