Macro· ★★★· bearish· September 17, 11:45

Gold draws $500 billion despite rising yields: a threat to Bitcoin

—Gold has risen 15% since late June, while 10-year U.S. Treasury yields are up nearly 20%
—More than $500 billion has been directed into gold and silver
—Chinese gold ETFs bought 11 tonnes in August, for a total of 293 tonnes
—Since the start of the year, ETFs have added 45 tonnes of gold

Why it matters: If yields stay high while the dollar remains weak, gold will continue to pull capital away from risk assets, including crypto.