Bonds are losing their old “safe corner” shine, and that’s making the crypto setup more interesting. With US Treasuries stuck in a long drawdown, some capital is clearly looking for assets with better upside. That’s where $BTC and $ETH start to matter more, because they are still the deepest and most liquid crypto plays when macro money starts rotating. But I wouldn’t call it a risk-free bullish story. Higher rates can still hurt liquidity, and if markets turn defensive, crypto can move with equities instead of against bonds. For now, my view is simple: the bond weakness is helping the crypto narrative, but the Treasury curve is still the signal to watch.