Welcome to volatility season. Bitcoin's bounce may be a gift to sell. Melting-Up Bond Yields vs. Falling Bitcoin, Gold What some have called the fastest horse in the race -- Bitcoin -- has rolled over into a bear market, with trickle-down implications. That gold's 200-day moving average may also be overturning could augur falling market dominoes. My graphic highlights a good reason for volatile, speculative assets with no earnings to decline -- the highest US Treasury 30-year yield since 2007. Melting-up sovereign bond yields on a global basis may signal game over for the historic rallies in cryptos, precious metals and, most importantly, the US stock market. Multidecade highs in market capitalization near 2.5x GDP and 2.1x public debt may signal that the US stock market has become the economy. The S&P 500 is entering volatility season with its 260-day measure at roughly 0.5x vs. gold's -- the lowest since 2007. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tjwxmlkgifpn {BI COMD} #naturalgas #gasoline #energy @Bloomberg(Mike McGlone)