Global long-term bond yields are rising rapidly, and the era of "cheap money" is coming to an end:

BTC: The most resilient "core asset." Although the macro narrative suppresses valuations, the consensus as digital gold remains.

ETH: On-chain lending costs are skyrocketing, ecosystem yields are shrinking, TVL may decline, and the adjustment may exceed expectations.

Stablecoins: Unexpected "winners"? Behind them, government bond yields are increasing, which can generate higher risk-free returns, making them more attractive.