The yield on 30-year U.S. Treasuries has risen to 5.69%, its highest level since 2002.
Long-term yields are the foundation of discount rates for all assets. When institutions price any risky asset, they first use those yields as the denominator. With yields reaching 5.69%, the denominator has risen across the board, and assets like crypto, whose value depends on expectations far into the future, are the first to be discounted. It’s like raising the foundation of an entire building by one floor: every apartment above it has to be repriced.
For crypto holders, this is a risk warning, not good news. Institutions will be more inclined to hold on to 5.69% Treasury yields before considering anything else. If long-term yields reverse course and fall, and this new high doesn’t hold, then the assessment above no longer applies.
👉 我每天盯的价位清单、判断更正，都先发群里。进来对着看
Long-term yields are the foundation of discount rates for all assets. When institutions price any risky asset, they first use those yields as the denominator. With yields reaching 5.69%, the denominator has risen across the board, and assets like crypto, whose value depends on expectations far into the future, are the first to be discounted. It’s like raising the foundation of an entire building by one floor: every apartment above it has to be repriced.
For crypto holders, this is a risk warning, not good news. Institutions will be more inclined to hold on to 5.69% Treasury yields before considering anything else. If long-term yields reverse course and fall, and this new high doesn’t hold, then the assessment above no longer applies.
👉 我每天盯的价位清单、判断更正，都先发群里。进来对着看
