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headmetax
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10-year at 5.23% (highest since 2007) is the other trade.
Higher long yields raise the hurdle rate on an asset that pays 0%.
ETFs can still take in billions because they’re an access wrapper, not only a risk-on bet.
The question isn’t “did flows stay green?” It’s “for how long after bonds already said higher-for-longer?
headmetax
The 10-year bond yield is about 5.23% (the highest level since 2007), which is the other side of the trade.
When long-term interest rates rise, the hurdle rate for zero-interest assets also rises.
Even so, tens of billions of dollars flow into ETFs not just because of risk-on sentiment but because they are "buyable vessels (wraps)."
The question is not "whether the inflow was positive." It is "after bonds have already said higher-for-longer, how long will it continue?" #BTCETF7DayInflows3B
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