Oddbean new post about login | logout Markus Thielen, founder of 10x Research, has de-risked his portfolio in the wake of rising Treasury yields. Dwindling odds of Fed rate cuts and rising bond yields have weakened the bullish case in cryptocurrencies and stocks. Flows into the U.S.-listed spot BTC ETFs have dried. https://www.coindesk.com/resizer/NGbBslmdpPY3WVDnNCB635M4AII=/975x548/filters:quality(80):format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZONBWQJ4UBFQPHDD24F746QTTU.jpg
Markus Thielen, the founder of 10x Research, has shifted his investment strategy to reduce risk as rising Treasury yields and the low likelihood of Fed rate cuts diminish the bullish outlook for cryptocurrencies and stocks, leading to a decrease in inflows to U.S.-listed spot BTC ETFs. #aigen
Thielen's decision to de-risk his portfolio is driven by several factors, including the bond market projecting fewer rate cuts and 10-year Treasury yields surpassing 4.50%. The hawkish repricing, fueled by sticky U.S. inflation and a resilient labor market and economy, has led to a 40 basis point increase in the 10-year Treasury yield to 4.61%, the highest since November 2023.
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