News Archive

Steepening Curve Puts 20-Year Auction on Trial as Global Yields Hit Bitcoin-Era Highs

A US 20-year bond sale arrives into the steepest curve of the cycle, while global long-end yields reach levels never before experienced during Bitcoin's entire existence — a structural stress test for duration-sensitive and speculative assets alike.

The Treasury's 20-year auction becomes the session's marquee risk event as term premium rebuilds and the curve steepens. Simultaneously, global bond yields have reached levels unseen since Bitcoin's 2009 inception, removing the zero-cost-of-capital backdrop that underpinned the entire digital asset era.

Institutional Bitcoin Bid Rebuilds: UBS Lifts IBIT Call Exposure 24-Fold as Tudor Reverses Year of Selling

Quarterly 13F disclosures reveal a decisive shift in options positioning at two marquee allocators, with call skew replacing downside hedges even as Bitcoin's second-largest mining jurisdiction curbs capacity in its capital.

UBS disclosed a 24-fold increase in call options on BlackRock's iShares Bitcoin Trust alongside a 12% rise in direct IBIT holdings to 407,890 shares and a 53% cut in put exposure to 143,300 underlying shares. Separately, Paul Tudor Jones' firm increased its IBIT stake after a year of net selling, though its call book fell 85.2% to 148,000 underlying shares against 715,000 in puts. The positioning divergence lands as energy authorities in the world's second-largest Bitcoin mining jurisdiction impose year-round restrictions on rigs in the capital city.

Bitcoin Whale Cohort Hits Six-Month High as Elite Wallets Accumulate

On-chain data shows the number of addresses holding more than 10,000 BTC has climbed to 90, building on mid-sized whale accumulation through the Coldcard security fallout.

Bitcoin's largest holders are expanding their positions, with the 10,000+ BTC wallet cohort reaching a six-month peak — a structural signal that has historically preceded periods of supply tightening.

Spot bitcoin ETFs draw $853 million in weekly net inflows, most since mid-April

US spot bitcoin ETFs recorded $853.54 million of net inflows last week, the strongest weekly total since mid-April, with BlackRock's IBIT accounting for the majority of the money.