According to the source, Bitcoin (BTC) experienced a mid-cycle shakeout alongside heightened bond market volatility, but this cannot be independently verified here; please provide a primary data source such as an exchange price feed, TradingView chart, or on-chain dataset to confirm the move and price level. Source: request for primary market data. Rising U.S. Treasury yields and rate volatility typically tighten financial conditions, pressure risk assets, and have historically coincided with BTC drawdowns. Source: Federal Reserve; ICE BofA MOVE Index. A stronger U.S. dollar (DXY) often correlates with weaker BTC performance during risk-off episodes; sustained DXY uptrends are a headwind for crypto beta. Source: ICE U.S. Dollar Index. Negative or declining BTC perpetual funding rates alongside falling open interest indicate deleveraging and reduced long exposure, conditions that often precede volatility reversals. Source: Binance Futures; Deribit; Coinglass. Spot-perp basis turning deeply negative can signal capitulation and potential short-covering fuel when liquidity returns. Source: Deribit; Binance; Glassnode. On-chain stress gauges such as realized price bands and long-term holder SOPR near or below 1 have historically aligned with mid-cycle correction lows and subsequent recoveries. Source: Glassnode.