Rising Long-End Yields Tighten Conditions While Bitcoin Nears Deep Value

The 30-year Treasury yield has pushed to 5.17 percent — its highest level since 2007 — and the steepening curve is doing the central bank’s tightening work without a single rate hike. Bitcoin remains squarely in the buy zone across every high-level on-chain metric tracked cycle to cycle, yet the path to a final capitulation low is narrowing to a specific scenario: a reflexive equity sell-off dragging the BTC/Nasdaq ratio back toward June 30 lows. Here is the framework: