Crypto prices came under pressure again on Friday as Treasury yields, not crude, became the macro variable traders could not ignore. Bitcoin slipped back below $69,000 after a short-lived relief rally earlier this week, while ether also traded lower, as hopes for a near-term easing in the Iran conflict faded and the US 10-year yield stayed near 4. 42%. That is the core argument The Kobeissi Letter pushed in a widely shared thread via X: the market’s center of gravity has shifted from the oil spike itself to the rates shock that follows it