US10Y

This is part of a broader repricing in global bond markets where investors demand higher compensation for duration risk, reflecting sticky inflation and fiscal supply concerns. For crypto, this means the 'risk-free' rate is effectively higher, and the liquidity-driven bull case weakens. It also suggests that the era of ultra-low yields that fueled speculative asset growth is firmly over, forcing crypto to compete on its own merits.

US 10-Year Treasury

Pimco expects the term premium on long-dated government bonds to remain elevated, making bonds attractive to buy at higher yields.