Market Overview - Bitcoin (BTC) attempted a late weekend rally but reversed gains, settling around $90,000, down approximately 1% over the past 24 hours [1] - The broader crypto market, as measured by the CoinDesk 20 Index, declined by 0.8% [2] Altcoin Performance - Ethereum's ether (ETH) slightly decreased but outperformed BTC, reaching its strongest relative price against BTC in over a month [2] - Privacy-focused Zcash (ZEC) and institutional-centered blockchain Canton Network (CC) both recorded double-digit gains [2] Bond Market Dynamics - Long-duration government bond yields spiked due to concerns about Japanese bonds affecting other markets, with the U.S. 10-year Treasury yield rising to 4.19%, the highest in about three months [3] - The Japanese 10-year bond yield approached 2%, a level not seen in nearly two decades [3] U.S. Equity Market - U.S. equities declined, with the S&P 500 down by 0.5% and the Nasdaq by 0.3%, impacting overall risk appetite [4] Federal Reserve Meeting - The upcoming Federal Reserve meeting is anticipated to be significant, with a 25 basis-point cut expected, but any hawkish surprises could increase volatility [4][5] Bitcoin Market Sentiment - Analysts from Bitfinex noted that BTC is facing structural headwinds, with weakening spot demand and persistent outflows from U.S.-listed spot bitcoin ETFs [6] - Over seven million BTC are currently at an unrealized loss, reflecting bearish sentiment similar to the 2022 consolidation period [6] - Monthly capital inflows remain slightly positive at $8.69 billion, but are significantly lower than peak levels, providing only a modest buffer against downside risks [6]