U.S. Long-Term Debt Faces Major Turning Point

The yield on the 30-year U.S. Treasury bond has once again stabilized above the 5% mark, which is not a minor fluctuation in the bond market but a new round of re-pricing in global financing costs.

Long-term interest rates continue to rise, and large long-term funds such as insurance companies and pension funds can lock in substantial and stable returns solely through U.S. Treasuries. Risk appetite has significantly declined, technology stock valuations are under pressure, and highly leveraged positions in the crypto market will also face early liquidation pressures.

The breakthrough of the yield above 5% reflects deep concerns about the U.S. massive fiscal deficit, the heavy debt issuance pressure, and the resilience of inflation. The rising cost of financing within the dollar credit system has once again made BTC, as a non-sovereign safe-haven asset, a hot topic in the market.

Currently, the fear and greed index is only 25, indicating extreme market panic, but long positions have not been completely withdrawn. Funds are shifting toward high-quality, solid assets. If the high-interest-rate environment persists, BTC and RWA government bonds will be among the first to benefit.