A 'hard-asset' bid has been the dominant theme this month, with traders rotating into 'real assets' as inflation edges higher. Physical commodities - Lithium, Platinum, Silver - have outperformed, catching up to Gold's move earlier in the year. At the same time, 1-year inflation swaps trade higher, and at 3.53% are significantly over the Fed's 2% target.

The drivers are: (i) the potential for tariff-related price pressures to bleed through the economy, and (ii) USD weakness fuelling a debasement trade. While #BTC has historically traded as a long-duration risk asset, recent price action suggests the fabled 'inflation hedge' narrative might not be dead after all, however the real test will come on a pullback in equities, or a push higher in the USD.