Crypto’s Interest in Rates

It appears crypto investors have been enjoying time away from the trading desk during the late summer months.

With some exceptions (a flurry of excitement around potential bitcoin spot ETFs and trading enforcing upper and lower price support levels), they appear to be less focused on their holdings and more focused on other matters, including taking much-needed R&R.

Amid that relative calm, the U.S. Treasury has been busy at work in the fixed-income market borrowing more and more via bond issuance. This increase has been significant enough to prompt Fitch ratings to cut the U.S. debt rating from AAA, joining S&P’s move to the same AA+ level more

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