#The biggest consensus trade in the market?

Short bond yields.

62% of institutional investors expect bond yields to fall, pushing bond prices higher.

Just 6 months ago, only 10% of institutional investors held this view.

To put this in perspective, even in 2008 and 2020, we barely saw 40% of institutional investors expect bond yields to fall.

All as markets are pricing in double the amount of rate cuts compared to Fed guidance.

When the majority of people hold a view, it likely means that view is priced-in.

Today, the 10-year note yield is nearing 4.00% and a break higher would be huge.

In addition, the expectation of interest rate cuts in the market will pose a high risk for cryptocurrencies. Do not forget that cryptocurrencies are shaped according to world markets. $BTC $ETH $BNB