#Gate广场五月交易分享 #美债收益率破5% The breaking of the 5% threshold in U.S. Treasury yields indeed causes a capital outflow effect on the cryptocurrency market, but the narrative of cryptocurrencies as safe-haven assets has not completely disappeared. The specific situation is as follows:

1. The effect of rising U.S. Treasury yields on capital diversion in the crypto market
Cost of capital and risk appetite: An increase in U.S. Treasury yields means higher risk-free rates, prompting investors to shift funds from high-risk assets (such as cryptocurrencies) to traditional safe-haven assets like U.S. Treasuries to obtain more stable returns. For example, during the Federal Reserve's rate hike cycle in 2022, U.S. Treasury yields soared, Bitcoin prices plummeted, and funds flowed out of the crypto market.
Liquidity contraction: Rising U.S. Treasury yields are usually accompanied by tightening market liquidity. As a high-risk asset, the crypto market is more sensitive to liquidity changes. Reduced liquidity can pressure crypto asset prices and further drive capital outflows.
2. The current state of the narrative of cryptocurrencies as safe-haven assets
Traditional safe-haven attributes challenged: When U.S. Treasury yields are high and market risk appetite declines, the safe-haven attribute of cryptocurrencies weakens. For example, during the surge in U.S. Treasury yields in 2025, Bitcoin prices experienced significant volatility and did not show clear safe-haven functionality.
Emergence of new safe-haven demands: In extreme market environments (such as rising credit risk in U.S. Treasuries or escalating geopolitical conflicts), cryptocurrencies may serve as safe-haven substitutes due to their digital gold properties. For example, during the sell-off of U.S. long-term bonds in May 2025, Bitcoin prices hit a record high, indicating that some funds viewed it as a safe-haven asset.
In summary, breaking the 5% mark in U.S. Treasury yields will cause a capital diversion effect on the crypto market through channels such as cost of capital and liquidity. However, the narrative of cryptocurrencies as safe-haven assets has not completely disappeared and varies dynamically under different market conditions. Investors need to consider macro policies, market sentiment, and other factors comprehensively to judge the trend of the crypto market.