The Taiwan Strait energy supply chain is tight, and the geopolitical premium has not yet been fully priced in.

Global long-term yields rise simultaneously, suppressing the valuation of risk assets, with U.S. Treasury yields climbing, sparking concerns of the Federal Reserve raising interest rates again. Long-term bonds in Japan and Europe also increase, leading to a comprehensive rise in funding costs. Although there is a negotiation window in the Middle East situation, the market remains cautious, with the strait and energy supplies entering a semi-war state. U.S. stocks are under pressure, BTC fluctuates within a range, but liquidity is weakening. If U.S. Treasuries continue to spiral out of control, risk assets will face deleveraging.