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Bond market tightening has become the invisible hand constraining every policy decision, from Iran talks to stimulus spending.

With Brent crude at $107 and the 10-year yield climbing, asset prices face a cascade of headwinds: inflationary supply shocks, tightening financial conditions, and no clear off-ramp for a conflict that the IRGC shows no appetite to negotiate.

Yet within crypto, a sharper debate is emerging: does institutional adoption demand Canton’s permissioned structure, or can Ethereum survive with real-world assets on a permissionless layer?

Austin, Ram, and Chris dig into the structural fault lines that the macro backdrop is now exposing, and why market-timing in a conflict where you don’t know who the endgame negotiator is may be the wrong frame entirely.

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