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Coinbase Institutional 🛡️ (@CoinbaseInsto): Expensive patience

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Expensive patience → The Fed held rates steady last week, but the yield curve steepened. → Avoiding a hike gave bitcoin breathing room, but it’s not the same as easing. → Our takeaway: BTC likely needs sustained disinflation or lower long-term real yields before this channel turns supportive. The FOMC hold steepened the Treasury curve

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