The spread between the 10-year and 2-year Treasury yields (10Y minus 2Y).
A positive value is an upward-sloping curve; a negative value is an 'inverted' curve. Inversions have historically been one of several conditions observers note around shifts in the cycle.
We show the shape as context — a widely-watched condition, not a forecast or a signal.
Descriptive context, not a forecast or a recommendation. We show conditions and let you draw the connection; we do not assert that this indicator moves any price.
This rate is an input to the discount rate r in each asset’s price-decomposition waterfall — r = the risk-free rate (10-year Treasury) plus a disclosed crypto risk premium. A higher r shrinks the capitalized fundamental (E/r), so the measurable floor is smaller and more of the price reads as premium. An input to a discounting model, not a claim that the rate causes a price move. See the method →