According to Omkar Godbole (@godbole17), the U.S. yield curve continues to bear steepen as long-duration yields rise faster than the short end, creating a bullish setup for non-yielding assets like gold and BTC; source: Omkar Godbole (@godbole17). He notes the 2-year Treasury yield is lagging due to market expectations of Federal Reserve rate cuts, which supports gold and BTC relative performance during this macro backdrop; source: Omkar Godbole (@godbole17). He adds that the bear steepening dynamic underpins a constructive bias for gold and BTC while the short end remains anchored by rate-cut pricing; source: Omkar Godbole (@godbole17).