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BTC’s 1% gain while ETH stays nearly flat is a signal of selective risk appetite, not a broad crypto rebound. With the 30-year yield at its highest since 2007 and expectations shifting away from a September hike, markets are pricing a complicated mix of persistent term premium and a softer policy path. My read is that BTC can retain relative strength in this setup, but the lack of confirmation from ETH argues against treating today’s move as a durable risk-on turn. Gold’s bullish options positioning points to the same preference for scarce, liquid assets over indiscriminate beta. Not advice, just analysis.