Happy weekend!

#Federal Reserve rate cut#$BTC、$ETH、$BNB

The yield on the U.S. 30-year Treasury bond has surpassed 4.86%, just hitting a new high in nearly three months.

The painful reality is: the Federal Reserve just cut rates, yet long-term bond yields have risen. This move is a bit awkward—like trying hard to lose weight, but ending up gaining instead.

The underlying logic isn't that complicated. With the fiscal deficit remaining high, market inflation expectations rising, and an imbalance in the bond supply-demand relationship, these three factors combined lead to a surge in long-term bond yields. The bond market's attitude is clear: I have my own rhythm and won't follow your rate cut script.

For the crypto world, it's common for risk assets to be under pressure in this environment. Rising interest rates mean the opportunity cost of holding non-yielding assets is higher, and crypto assets, as "non-yielding" risk categories, inevitably feel some pressure. Next, we need to closely watch the trends in U.S. Treasury bonds.