The chart captures several yield curve inversions—where 2-year yields exceed 10-year yields—which have historically preceded recessions. Notable inversions occurred in 2019 (before the COVID recession) and a deeper, more persistent inversion in 2022-2023. Bitcoin's performance during these periods has been mixed: it rallied throughout much of the 2019 inversion but struggled during the 2022 inversion as the Fed aggressively raised rates. The zero-bound period of 2020-2021, when yields were at historic lows near 0%, coincided with Bitcoin's strongest bull market, suggesting that ultra-low yields may benefit Bitcoin by reducing the opportunity cost of holding non-yielding assets.