🥛 Oil picked up. Bitcoin is feeling it. 😩

Here’s what we’ve got for you today:

Securitize is the company quietly powering BlackRock, Apollo and KKR's move onchain. Here's what you need to know about Securitize.

Prices as of 2:00 p.m. ET. Powered by CoinGecko.

WE GOT OUR ANSWER 😩

Yesterday we left you with a fork:

If oil stays below ~$95, the Bitcoin rally continues, a break above ~$100, and the rally faces headwinds.

Then Iran's President Masoud Pezeshkian told the UN General Assembly that his country "will not surrender".

That was enough for the oil traders to decide their next move. Brent crude oil closed at $103.08, up ~4% and snapped a five-day losing streak. Bitcoin fell 2.1% to ~$84.4K, the Nasdaq dropped 1.13%, and the bond market lost it.

10Y yields rose to 5.125%, its highest level since 2007 and the biggest one-day jump in 18 months.

Source: U.S. 10Y and 30Y Bond Yields, TradingView

Here’s why you should be paying attention to this:

The 10Y yield is what the U.S. government pays to borrow money for a decade, and nearly every other loan in the economy prices off it. A widely watched daily gauge of 30-year mortgage rates just hit 7.26%, the highest since January 2025.

Source: Hedgeye

Oil explains part of the move:

Expensive energy → stickier inflation → a Fed that keeps squeezing. Traders now put the odds of another hike by the Fed above 70%, six weeks after the Fed hiked for the first time since 2023.