WisdomTree Bitcoin Fund

0522 | Dolphin Research Key Points: 🐬 Macro/Industry 1. The U.S. 20-year Treasury auction saw weak demand, with the awarded rate rising to 5.047% and the bid-to-cover ratio dropping to 2.46 times, nearly the worst performance since its launch five years ago. The surge in long-term U.S. Treasury yields dragged down U.S. stocks, increased risk aversion, pushed gold higher, and Bitcoin hit a new all-time high. The auction results exposed market concerns about the sustainability of U.S. long-term debt. Dolphin Research's brief review can be found in "U.S. 20-Year Treasury Auction Ends in Disappointment"...