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Crypto Macro

Bitcoin stalls below $80K as sovereign yields hit cycle highs

After the mid-August short squeeze, Bitcoin’s rebound stalled near $80,000 and retreated to $76,000 amid persistent supply. On-chain data shows floating supply in profit rose to 68% at current levels, up from 65% in May. US 10-year Treasury yields climbed to 4.8%, erasing the relief from Treasury buybacks. Options positioning points to a $14B open interest barrier at the September 25 expiry.

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