"The spread between the 10-year U.S. Treasury yield and the 3-month U.S. Treasury yield has turned negative again, causing the yield curve to invert, suggesting that the U.S. economy could fall into recession, i.e., GDP shrinks for two consecutive quarters. This is usually not a good signal. We are still dealing with the battle between different narratives – on the one hand, risk aversion may put pressure on Bitcoin (BTC) and other crypto assets for some time due to macroeconomic uncertainty. But on the other hand, the narrative of ‘safe haven’ is growing, and the positive news from the White House further highlights the amazing shift in official attitudes. ”