November 14 commute podcast — Risk assets rattled by 35bp surge in US 2-year yield… $1.1 billion in Bitcoin longs liquidated

US two-year Treasury yields jumped 35 basis points between November 6 and 12, triggering a broad risk-off move that pushed bitcoin down 3.63% to $68,968.58 and ether down 3.16% to $1,950.98 over 24 hours as of 4:59 a.m. The rate surge, which signals heightened caution over the Federal Reserve's policy path and funding costs, hit growth and leveraged assets first, with roughly $1.1 billion in bitcoin long positions liquidated. The selloff is being read as a macro-driven correction rather than a coin-specific event, even as miner exchange inflows and individual chain metrics drew attention. The scale of the long flush matters because it shows how sensitive crypto leverage has become to short-term rate moves. Traders will watch whether the two-year yield stabilizes and whether forced deleveraging continues across bitcoin and ether derivatives.