The bond market had its worst quarter since 1994. Bitcoin had its best. The ten-year Treasury yield rose 87 basis points over the September quarter, the sharpest quarterly jump since 1994, and long-dated Treasuries lost about 7.7%. Bitcoin gained 42.7% over the same three months, its strongest quarter since late 2024. Textbook macro says those two things cannot both happen. Scott Melker argues the textbook has it backwards. If yields are climbing because the bond market stopped believing the fiscal math, that is the condition Bitcoin was built for. He also digs into the $8 million crypto spent lobbying for a bill that got zero Democratic votes. Timestamps 0:00 Bitcoin's best quarter in two years 1:23 Why Q3 was supposed to be quiet 2:17 Treasuries just had their worst quarter since 1994 4:32 Why rising yields may be the bullish part 5:00 Citigroup calls the headwinds tailwinds 5:51 Eight million dollars, zero Democratic votes 7:39 Open USD launches with Visa, Mastercard and Stripe 10:35 HSBC names its stablecoin Red Coin 11:26 Europe is already writing the sequel #Bitcoin #BondMarket #TreasuryYields #ClarityAct #Stablecoins #Visa #YahooFinance == AlphaSpace by Yahoo Finance: A Professional-Grade Investment Platform Built for Everyday Investors. 👉 https://finance.yahoo.com/about/promos/gold/alphaspace?ncid=100003571