Thursday links: early money stories

RatesHow much of the bond sell-off is technical in nature? (axios.com)The mortgage convexity unwind is likely played out. (ft.com)CryptoTokenized real world assets are coming. (citriniresearch.com)Securitize ($SECZ) has launched tokenized U.S. stocks on its platform (theblock.co)Why the crypto industry pushed so hard for the Clarity Act. (citationneeded.news)FinanceThe prime brokerage business is booming. (ft.com)Roben Farzad talks with William Cohan, author of "Money to Burn: The Unvarnished Truth About Leon Black, Apollo, and the Rise of a New Wall Street." (podcasts.apple.com)CreditThe spread on SpaceX ($SPCX) CDS is rising. (ft.com)Some tentative signs of stress in the credit market. (trendlabs.com)Private credit has a valuation problem. (semafor.com)Liz Hoffman talks with the co-CEOs of Blue Owl ($OWL). (arstechnica.com)GamblingLong-shot trades dominate trading on Kalshi and Polymarket. (bloomberg.com)The NFL thinks prediction market contracts should be state regulated. (f