Bitcoin-linked yield curve looks distorted

$STRC and $SATA are showing the same effective yield even though $SATA appears to sit further out on the risk curve.
That kind of pricing mismatch suggests the market may be acting more out of fear than fundamentals.
For Bitcoin-linked exposure, this matters because yield spreads can reveal stress before it fully shows up in spot price.
The bigger signal is that $BTC sentiment looks extremely weak, and that pessimism is now being reflected in related instruments.
If sentiment stabilizes, these kinds of distortions could become important to watch.