Gold vs BTC vs 2-year Treasuries in the Past Three Weeks

Gold: -2%, -3%, -10%

BTC: +0.3%, +11%, -5%

The 2-year Treasury yield spiked by 53 basis points since the beginning of March, to 3.91%. In other words, it flipped from fully pricing in 1 rate cut to fully pricing in 1 rate hike in the span of three weeks.

Wild ride indeed!