According to PANews, NYDIG head of research Greg Cipolaro states that Bitcoin has evolved into a barometer of global liquidity, with a strengthening inverse relationship to real yields, while inflation is not the primary driver of BTC price action (source: NYDIG). NYDIG notes that traders should prioritize tracking real yields and liquidity conditions over CPI prints when assessing BTC direction, as BTC increasingly mirrors shifts in global liquidity and the level of real rates (source: NYDIG). NYDIG indicates that easing real yields and expanding liquidity are typically constructive for BTC, while rising real yields and tighter liquidity are headwinds that can pressure BTC performance (source: NYDIG).

According to @KobeissiLetter, safe havens, risky assets, real estate, crypto, and global bond yields are hitting daily record highs as the US Dollar, the key denominator, falls 10% year to date and is on track for its worst year in over 40 years (source: @KobeissiLetter). @KobeissiLetter adds that confidence in fiat currencies is at multi-decade lows and advises to position accordingly, indicating USD weakness as a critical driver for crypto and broader risk exposures (source: @KobeissiLetter).

According to @cas_abbe, Bitcoin BTC holding above 100K is being supported by the U.S. dollar and global liquidity rather than crypto specific headlines, the source states. The source indicates traders should anchor their BTC bias to USD trend and liquidity conditions when assessing breakdown risk or continuation potential, per @cas_abbe. The source suggests tracking the U.S. Dollar Index DXY and global liquidity gauges for confirmation signals on BTC trend sustainability, according to @cas_abbe.

According to @Andre_Dragosch, stablecoin demand—including Tether's $100 billion in short-term US Treasury holdings—will not be sufficient to significantly impact US Treasury yields. Dragosch notes that even with Tether's massive exposure, it would require approximately 10% of total Treasury issuance in net purchases to lower long-term yields by 30–50 basis points, which is far beyond current stablecoin demand levels (Source: Twitter/@Andre_Dragosch). For crypto traders, this analysis suggests that stablecoin growth is unlikely to provide tailwinds for US Treasury markets or indirectly benefit risk appetite in the crypto sector, keeping the focus on macroeconomic drivers rather than stablecoin treasury allocations.