Tokenized Treasuries hit record $15.35B as Fed rate-hike fears stall Bitcoin's next leg up!

Tokenized U.S. Treasuries have surged to a record $15.35 billion in value locked, eclipsing the mid-April peak of $15.10 billion, as traders rotate into yield-bearing on-chain instruments amid rising Federal Reserve rate-hike expectations — a stark reversal from the rate-cut narrative that dominated early 2026. Bitcoin is holding above $80,000 but faces a structural ceiling: Marex analysts warned that "crypto can hold, but it will struggle to trend higher if real rates keep grinding up."

Miner balance sheets add another layer of supply risk. Analysts flagged that large miners pivoting toward AI amid losses may need to sell spot BTC on rallies to manage liquidity — not a crash trigger, but a reliable cap on upside in a choppy macro tape. Iggy Ioppe of Polygon Ventures noted that capital parked in BlackRock's BUIDL and tokenized T-bills "is going to look prescient by Friday" if today's…