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He is, but he's calling it high yield only in relation to typical bond yields.
To him, Senior Bitcoin = a contract that pays a high yield dividend (relative to bonds), and is backed by a senior claim against underlying bitcoin
Junior Bitcoin = the rest of the claim on the underlying bitcoin
But he calls the juniors "amplified Bitcoin" because it's higher risk higher reward. If you get liquidated while bitcoin is down in value, junior holders get nothing. But if Bitcoin goes up a lot in value, then the junior holders are better off, since the senior contract only promises the pre-determined yield, it doesn't promise any claim to the underlying bitcoin beyond that.
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Senior tranche vs junior tranche
Senior tranche means in the event of a liquidation, senior creditors get paid back first, thus taking on less risk.
Funnily enough, the illusion of safety provided by tranching is partly what gave rise to the mortgage backed security crisis in 2008