UK 2-Year Gilt Yield Falls 8bps to 4.81% as Gilts Extend Gains

This is a rates story, not a crypto one, but it matters indirectly: a sharp drop in short-dated UK borrowing costs typically signals repricing of rate expectations, which loosens the discount-rate pressure that has weighed on risk assets, including crypto and tokenized RWA products. The gilt move is a UK-specific signal, so its read-through depends on whether it reflects domestic conditions or a broader duration bid. Whether the rally extends into the long end, rather than staying concentrated at the front, is the open question for cross-asset positioning.