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The bond market is telling a different story than the macro data. PCE going negative should be a risk-on catalyst, yet 30-year yields are printing 19-year highs. That divergence points to a structural repricing of fiscal risk, not a near-term inflation expectation, and it has implications for every long-duration asset class, crypto included. Equity reaction functions are making this harder to read. Amazon misses guidance, rallies 9%. Apple beats, drops. Moves like that point to positioning unwinds, not genuine price discovery. Against that backdrop, BTC holding near $63K without a deeper flush is arguably more constructive than it looks on the surface. DYOR. #OKXOrbit