Bonds Crack at 5%, Saylor’s Bitcoin Pivot, Hyperliquid vs CME & CLARITY Drama

This week, David Sencil and Graham Stone unpack a heavy macro week — from the 30-year US Treasury clearing 5% for the first time since 2007, to Strategy’s $1.5B convertible note buyback and Michael Saylor quietly testing the market on Bitcoin sales.They dig into Iran’s reported “Hormuz Safe” Bitcoin sanctions-bypass scheme, why David thinks Bitcoin is actually worse than fiat for evading sanctions, and the Coinbase/Circle/Hyperliquid USDC deal that triggered CME and ICE to run to regulators.Plus: David’s CFTC Chairman Michael Selig interview from Vegas, Austin Campbell on the Clarity Act, and Graham vs David on whether the bill actually passes by July 4th.Topics covered:• 30-year US Treasury clears 5% — what it means for hard assets• Iran’s Hormuz Safe Bitcoin maritime insurance play• Why David thinks Bitcoin is worse than fiat for sanctions evasion• Strategy’s $1.5B convertible note buyback and Saylor’s pivot• STRC (“stretch”) — the 11.5% Bitcoin yield play• Hyperliquid lands USDC deal with Coinbase and Circle• CME and ICE lobbying regulators over Hyperliquid• David’s interview with CFTC Chairman Michael Selig• Will the CLARITY Act pass by July 4th? Graham and David debate00:22 - Welcome and Guest Introduction00:58 - Bitcoin and Market Overview02:26 - Bond Market Analysis04:21 - Bitcoin's Relevance to Bonds07:34 - Japanese Bond Market Crisis08:25 - Iran's Bitcoin Maritime Insurance12:36 - Bitcoin and Privacy Coins14:07 - Strategy's Bitcoin Sales Strategy18:43 - Interview with Michael Saylor22:12 - Hyperliquid and USDC Deal25:58 - Regulatory Challenges for Hyperliquid32:03 - Clarity Act and Political Implications39:33 - Closing Remarks