$573M liquidated in 24 hours, treasury yields at 4.55%, feels like crypto is just trading the Fed at this point

BTC went from 82k to 78k last week, $573M liquidated in 24 hours. On the surface it looks like Clarity Act buy the rumor sell the news, but the more I look at it the more I think the real driver is macro.

10-year treasury yield hit 4.55% last week, 30-year at 5.04%. When you can sit back and collect 4.5% risk-free, why would you put money in something that can drop 20% any day? And the rate cuts everyone was waiting for keep getting pushed back, market's even starting to price in a hike. Rates going up is just straight up bad for crypto.

I checked BTC funding rate on bydfi and it wasn't even that high before this dump, longs weren't crowded. Normally you'd see leverage pile up first before a wipeout, but this time it looked more like spot was selling and contracts got dragged down with it. Not gamblers getting blown up, real money leaving.

That's what makes this so weird. One side got Clarity Act, companies buying BTC, all these reasons to be bullish. On the other side rates are going up and money is pulling out. Short term I think macro wins. The good news takes months to play out, rates going up is happening right now.If the 10-year keeps heading toward 5%, forget new highs, BTC holding 75k would be a win.

What's your strategy right now? Holding or already trimming?