Trading firm QCP Capital framed the current setup bluntly, describing a competing 5% risk-free rate without a growth impulse as the worst possible environment for Bitcoin. The 30-year Treasury yield hit its highest level since 2004 following the print, with the 10-year near 4.95%. Analyst Ted Pillows separately noted the rally was not backed by strong spot demand, and while a weekly close above $80,000 with solid ETF flows could open $85,000, he reads the current structure as favoring a pullback. Spot Bitcoin ETF outflows have now run four days, even as Ethereum funds took in $216 million.