Global Market Focus | U.S. long-end Treasury yields continue to surge, reshaping global asset pricing logic. The yield on the 30-year U.S. Treasury note climbed to 5.435%, the highest level since 2004; the 10-year U.S. Treasury yield rose to 5.14%, the highest since 2007. Fed officials have sent hawkish signals: Williams said there is still a possibility of rate hikes by year-end, while Bowman noted that the current neutral interest rate is higher than before the pandemic, and market expectations for the Fed to cut rates earlier have further cooled.
With high long-term yields, various assets face pressure: the crypto market saw a sharp pullback this week, with total market value down by about $300 billion; cumulative liquidations for long positions in perpetual contracts exceeded $3 billion, and many leveraged positions were forcibly closed. Spot gold was $4,268.67 per ounce, down 0.43%; spot silver was $63.54 per ounce, down 1.37%. The appeal of safe-haven demand for precious metals has been weakened by high bond yields. European stock markets were volatile and split: the FTSE 100 in the UK edged up slightly, while Germany and France’s indices fell modestly.
On the other hand, listed companies continue to build positions in Bitcoin. Strategy and Strive together increased their holdings by 2,305 BTC this week. Total BTC holdings by listed companies reached 1.273 million BTC, making them an important long-term buy-side force. Qualcomm and Apple reached a new patent license agreement that takes effect in April 2027, easing uncertainty in the semiconductor industry.
The core market dilemma right now: how long high interest rates will persist. As long as long-end yields remain elevated, risk assets such as equities, precious metals, and crypto will continue to face valuation pressure. #宏观 #美债 #BTC
With high long-term yields, various assets face pressure: the crypto market saw a sharp pullback this week, with total market value down by about $300 billion; cumulative liquidations for long positions in perpetual contracts exceeded $3 billion, and many leveraged positions were forcibly closed. Spot gold was $4,268.67 per ounce, down 0.43%; spot silver was $63.54 per ounce, down 1.37%. The appeal of safe-haven demand for precious metals has been weakened by high bond yields. European stock markets were volatile and split: the FTSE 100 in the UK edged up slightly, while Germany and France’s indices fell modestly.
On the other hand, listed companies continue to build positions in Bitcoin. Strategy and Strive together increased their holdings by 2,305 BTC this week. Total BTC holdings by listed companies reached 1.273 million BTC, making them an important long-term buy-side force. Qualcomm and Apple reached a new patent license agreement that takes effect in April 2027, easing uncertainty in the semiconductor industry.
The core market dilemma right now: how long high interest rates will persist. As long as long-end yields remain elevated, risk assets such as equities, precious metals, and crypto will continue to face valuation pressure. #宏观 #美债 #BTC
