862k jobs vanished, CPI cooled, and Bitcoin now trades like a bond – What Would Satoshi Say?

Bitcoin is trading like a rates product now because real yields are the new “gravity” Earlier this month, we saw the macro picture shift in a very real and tangible way. The record of last year’s job level changed significantly, and markets treated that update as fresh information to trade on. Two days later, inflation cooled on the headline, yields moved, and Bitcoin moved in the same cross-asset rhythm that, until …