Bitcoin

Zeng's thesis challenges the dominant market narrative that the Fed must hike aggressively, directly impacting real yields which are the primary driver of BTC's 30% underperformance versus risk assets since May. If validated, this could fracture the 'higher for longer' consensus that's crushed altcoins (evidenced by 7d -1.88% decline despite BTC's modest 24h gain).

Allianz Fixed Income CIO Jenny Zeng warned that bond markets may be overpricing inflation expectations and noted Fed hikes remain possible but could be mitigated by US energy independence and softening tariff impacts.