sure circle's ipo is momentous, but let's not forget

sharps continue to dump us treasuries.

a storm is brewing.

retail has been the biggest net buyer of long-term treasury bonds since 2021.

they've purchased 60% of all new issuance.

retail dominating marginal inflows is always a canary in the coal mine.

central banks, sovereign wealth funds, large asset managers have record low allocations to treasuries.

a reckoning looms for treasury holders.

financial asset holders (equities, gold, Bitcoin) will weather the storm.