Bitcoin just had its strongest Q3 since 2017 — even amid the bond sell-off

00:00 Speaker A

Bitcoin posts strongest Q3 since 2017.

00:03 Speaker A

Now, the next headline on this story, US Treasury yields surge to 24-year high in global bond sell off.

00:10 Speaker A

Bitcoin does not traditionally do exceptionally well in Q3. Summers are usually a downtime, and even if you believe in the four-year cycle, you would have expected Bitcoin to remain boring through October.

00:23 Speaker A

It's October 1st, we call that Uptober in crypto. But of course, this time that large move came in August and basically preempted the four-year cycle.

00:32 Speaker A

It's even more astounding when you look at what's happening in macro because for most people they believe that risk assets of which they include Bitcoin, I do not.

00:41 Speaker A

But that assets like Bitcoin should have underperformed with so much pressure on the bond market.

00:49 Speaker A

So during the same quarter that Bitcoin went up 43%, which is what it did in July, August and September, long-term treasuries lost approximately 7.7%.

00:58 Speaker A

That does not seem like a big number, but that's a monster number for something that is supposed to be risk-free.

01:05 Speaker A

TLT, which is how I generally from a charting perspective measure what bonds are doing, has made an all-time low and it's been trading since 2002 and it is smashing down through that low and gapping down even further today.