With Treasury yields at historic highs, Bitunix makes the argument that government paper is now the direct competitor for the marginal dollar. The reasoning is plain enough: Treasuries pay regular, government-backed interest, Bitcoin pays none, and when the risk-free rate climbs the opportunity cost of holding a non-yielding asset climbs with it. Higher yields also lift borrowing costs and press on technology stocks, and Bitunix points to weekly declines in crypto-linked equities including Strategy and Circle. Two caveats worth attaching. This is one firm's view reported secondhand rather than a consensus read, and the same argument has been made at every rate peak without reliably timing anything. What it does usefully explain is why three sessions of selling have had a rates explanation rather than a crypto one.