@gosun
Despite the US 10-Year Yield surging to **5.28%** (breaching our structural alert threshold of 4.50%), global risk assets remain highly resilient. This apparent divergence is explained by a robust **Net Liquidity buffer of $3.56T** and an aggressive acceleration in on-chain fiat-to-crypto pipelines. The 2Y-10Y yield spread has steepened to **+0.45%**, signaling that the market is pricing in structural nominal growth, supported by a powerful **+14.8% QoQ corporate CapEx expansion**.
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