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The 30-year Treasury yield is sitting at its highest level in nearly two decades, yet crypto valuations haven't compressed the way many expected. That divergence is worth paying attention to. Back in 2022, rising yields were one of the biggest headwinds for Bitcoin. Today, that relationship appears much weaker. One key reason could be the shift in ownership driven by spot Bitcoin ETFs. The marginal buyer is increasingly a long-term institution rather than a short-term retail trader reacting to every Fed headline. With that ownership mix, the market may absorb macro pressure more gradually, but it can also be slower to respond when conditions improve. $BTC holding around $63K despite elevated long-term yields doesn't necessarily signal strong momentum—it may simply reflect a market waiting for the next meaningful catalyst before committing to a new trend. Not financial advice—just market analysis. #OKXOrbit