Bonds faded the hotter CPI print, posting an outside reversal day that suggests yields may have peaked. Bitcoin has held up, but the AI trade is still unwinding: the Korean buybacks have ended, Anthropic’s IPO odds have dropped, and China’s memory push is back in focus. Below, we explain what this means for Bitcoin, Ethereum, and the miners, and the level that would make us exit.
US CPI YoY (LHS) vs. Crude Oil (RHS)
