Debasement-trade assets fell again Wednesday. Bitcoin dropped below $77,000, down more than 1% over 24 hours, while gold retreated to $4,300 an ounce.The declines come as global bond yields continue to surge. The US 10-year Treasury yield rose above 4.81%, up 0.38% over the past 24 hours, and the dollar index strengthened to 99.85 — putting further pressure on risk assets. Brent crude was slightly lower, hovering just above $90 a barrel.Fed Hike Odds Reach 68% After Warsh's Hawkish SpeechTraders now assign a 68% probability to the Federal Reserve raising its benchmark rate by 25 basis points later this month, according to CME FedWatch. The benchmark currently sits in the 3.5% to 3.75% range.That figure has climbed steadily since Chair Kevin Warsh's Jackson Hole address — from roughly 36% before he spoke, to 58% over the weekend, to 64% Tuesday and 68% now. It has moved through the 60-70% band where the Fed historically validates market expectations rather than surprising them, and is approaching the level that qualifies as priced.Heightened expectations pose a headwind to stocks and to assets like gold and Bitcoin that lack an inherent yield. Higher risk-free rates raise the opportunity cost of holding non-yielding assets, which is the direct channel behind both declines.The Debasement Trade Is Being Overwhelmed by the Rate ChannelBitcoin and gold falling together is the same correlation that defined August — but running in the opposite direction.Through August, both rose while equities lagged, the relative performance signature that had traders reassessing whether Bitcoin was being repriced as a sovereign-risk hedge. Gold gained roughly 10% for the month and Bitcoin 23%.The mechanism cuts both ways. Fiscal deterioration and currency debasement support scarce assets, but the rate response to inflation risk works against them. When yields surge and the dollar strengthens simultaneously, the rate channel dominates. Gold has now fallen from above $4,600 at its peak to $4,300.IBIT Accounts for $201 Million of a $236 Million Bitcoin ETF OutflowUS spot Bitcoin ETFs shed about $236 million on Monday, with BlackRock's IBIT responsible for roughly $201 million and Fidelity's FBTC for another $44 million, according to SoSoValue.Bitwise's BITB was the only fund on the other side, taking about $8 million. The remaining nine posted nothing at all.That concentration is the detail worth watching. One fund accounting for 85% of the day's outflow means the streak narrative rests substantially on a single desk's rebalancing rather than broad allocator behavior. Whether IBIT prints another red day is the more informative signal than the aggregate number.The Smaller Crypto ETFs Kept Taking MoneyThe rest of the complex stayed green. Ether ETFs added roughly $11 million for a 12th straight day, XRP funds took $14 million, Solana $10 million and Hyperliquid nearly $2 million.Ether's streak has now run three sessions longer than Bitcoin's did before it broke, and has continued through both of Bitcoin's red days.Bitcoin traded just above $77,000 in Asian morning hours Wednesday, down about 2% on the week. Solana and Zcash led the 24-hour decliners at roughly 3% each, with XRP, Tron and Dogecoin down about 2%. Bitcoin, Ether, BNB and Hyperliquid all sat within 2% of flat.Filecoin, Uniswap and Sky Outperform the Broader MarketSmaller coins outperformed, including against Bitcoin.Filecoin gained 14% over 24 hours, the best performer among the top 100 by market value. Uniswap and Sky Protocol each rose over 6%. Bitcoin dropped 2% to $76,780 over the same window.Uniswap's move extends a run that has now covered several sessions — it was up 34% over seven days on $519 million in volume as of Tuesday, part of a DeFi bid that has held up better than the broader market through the back half of August.Remixpoint Sells All Altcoins for a Bitcoin-Only TreasuryJapan's second-largest digital asset treasury company, Remixpoint, sold all of its altcoin holdings on September 1, according to Wu Blockchain. The sales included 901 ETH, 13,920 SOL, 1.19 million XRP and 2.8 million DOGE.The transactions generated approximately $5.49 million in proceeds and a profit of around $737,500.Remixpoint sold no Bitcoin and continues to hold 1,506 BTC. The company said it plans to focus on a Bitcoin-centric portfolio and operations going forward.The consolidation mirrors what treasury companies elsewhere have concluded — Strategy runs a Bitcoin-only book, and the diversified treasury model has produced fewer clear successes than the concentrated one.Figure Completes $717 Million Kiavi AcquisitionFigure Technology Solutions, the blockchain firm headed by former SoFi CEO Mike Cagney, completed its acquisition of real estate lender Kiavi as part of a transaction valued at $717 million.The price covered a broader transaction with investment firm Sixth Street. Figure paid about $590 million in cash per a September 1 filing, while a Sixth Street-controlled joint venture acquired Kiavi's residential-transition-loan assets.Figure funded most of its payment using proceeds from $600 million of 8.5% senior notes due 2031. Shares dropped 8.15% Tuesday and rose 0.5% in premarket Wednesday to $33.90.The 8.5% coupon is the notable figure. Financing an acquisition at that cost in the current yield environment is expensive, and the share reaction suggests the market is weighing the debt load against the lending assets acquired.
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