UK 10-Year Gilt Yield Ends Week at 5.442%, Up 7.6bp

The week's pattern — a spike to a high, then a partial retracement that still leaves yields above where they started — suggests the market is repricing rather than resolving. The front end moved nearly as much as the long end, which points to rate-expectation drivers rather than pure term-premium or supply concerns. For crypto and other risk assets, the relevant channel is the discount rate, not the gilt market itself. Whether the 2s/10s spread keeps widening from here is the open question.