The 'Risk-Free' Premium Is Dying. The 10-Year Auction Book Is the Tell.
Last quarter's 10-year auction tailed through the two-basis-point warning...
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Fear
Market Sentiment
Block reward halving event
Block reward reduced to 3.125 BTC
Team and early investor shares released
Independent validator client goes live on mainnet
Circulating supply increases by about 2%
Raises validator limit and account abstraction
92 million ARB released
Improves data availability sampling efficiency
Bitcoin Season
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