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Hello and happy Wednesday!

Markets are entering another increasingly fragile phase as bond yields continue pushing higher, inflation fears remain elevated, and crypto markets struggle to regain momentum after losing key technical support levels.

Inside today’s report, you’ll find 12 charts covering Bitcoin’s weakening market structure, dominance trends shaping capital rotation across crypto markets, and a tactical Chart of the Week featuring one of the few major altcoins still maintaining relative strength despite broader market weakness.

Here’s what’s in today’s report:

  • 📅 Macro Review: From rising Treasury yields and higher-for-longer rate expectations to institutional DeFi yield demands, and growing stress across global bond markets.

  • 📊 Crypto Market Overview: Clear technical analysis of Bitcoin, TOTAL3, and OTHERS, outlining key support and resistance levels alongside bullish and bearish market scenarios.

  • 🔍 Bitcoin vs. Altcoins: An assessment of BTC.D and OTHERS.D, and what elevated Bitcoin dominance alongside weak altcoin participation signals for broader market positioning.

  • 📈 Key Reversal Signals: A focused look at OTHERS/BTC and ETH/BTC, and the critical levels that will determine whether altcoins can stabilize or continue underperforming Bitcoin.

  • 🚀 Chart of the Week: A tactical breakdown of ???, outlining long and short setups within one of the few major altcoins still maintaining a strong bullish structure.

Let’s dive in 👇

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📅 Macro Review:

Professional crypto fund managers are clear: nearly 42% say stablecoins on DeFi lending protocols should yield 6–9% to justify the risk. The problem is that platforms like Aave are currently paying around 2.6% on USDC, below what a traditional broker offers on idle cash. Until DeFi closes that gap, institutional money will keep looking elsewhere.

Much of it is landing in Treasuries, but that trade is getting complicated. The 10-year yield chart tells the story in one image: four decades of falling rates, now sharply reversing. Newly confirmed Fed Chair Kevin Warsh, approved last week in the closest Senate vote in Fed history, inherits the highest-yield environment of any incoming chair since Greenspan in 1987. Trump wants cuts; the bond market is pricing in hikes.

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One corner of equities is ignoring all of that. BofA's Space Race basket is up roughly 38% year-to-date, leaving the S&P 500 and Nasdaq in the dust. Rocket Lab posted record revenue above $200 million in May, Planet Labs is up 97% on defense contracts, and a confirmed SpaceX IPO in July is pulling fresh institutional capital into the sector. This is a fundamentals-driven rally, not a sentiment one.

The chart that matters most today, though, is the 30-year Treasury yield hitting 5.2%, a level unseen since 2007. The selloff is global, fueled by inflation fears from the Iran war and mounting deficit anxiety. Barclays and Citigroup warn yields could reach 5.5%; BlackRock is already telling clients to cut government bond exposure.

The message across all four charts is the same: the cheap-money era is over, and markets are still repricing. DeFi must deliver real yield to compete. The new Fed chair has little room to cut. Space is one of the few equity themes backed by hard spending rather than hope. And the long bond is flashing a warning that investors should not mistake for noise.

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📊 Crypto Market Overview:

Bitcoin traded sideways around the $77,000 mark after losing the $78,300 technical support level on Wednesday and selling off from there. Notably, BTC has continued showing weakness in recent sessions, declining more than 7% since May 14th.

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