The last 2 months of the $BTC Bear Market are typically very bearish ๐ฉธ
Most of CT have now flipped bullish and saying that the bottom is already in.
Too many people go against the four year cycle and always end up getting rekt ๐คทโโ๏ธ
Final capitulation is inevitable ๐
Looks like liquidity will put pressure on Bitcoin until early October.
After that, there are signs of another move back into expansion, but itโs still too early to say with certainty.
Onchain investors are piling into tokenized US Treasuries.
Total onchain Treasury funds now have a record high market cap of $16.2 billion, up +77% year-to-date.
But, why?
The growth is being driven by a surge in demand to earn a yield onchain by using US Treasury Bills as collateral.
Increasingly, users are depositing tokenized Treasuries, borrowing stablecoins against them, and deploying those stablecoins into DeFi strategies.
Using onchain platforms like Jupiter, these positions can even be "looped" through a lending program.
This looping mechanism allows users to repeatedly borrow and redeploy capital, pushing annualized yields above 10% in some cases.
In our view, tokenized Treasuries are becoming a key part of the foundation of onchain finance.