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What was really worth watching in the market last night wasn't how much BTC fell, but that the cost of capital went up again. Brent crude surged 6.3% to $107.63, the 10-year US Treasury yield neared 5%, and the probability of a rate hike in September jumped from 49% to 71.3%. Meanwhile, BTC spot ETFs saw a net outflow of $282.7 million. Many people's first reaction: institutions are running away. I don't see it that way. #PPIHotCPINext #OracleAICloudUp121% #BTCSpotETFOutflows