According to The Kobeissi Letter, the 10-year US Treasury yield, which had been steadily declining before April 2nd's announcement of reciprocal tariffs, reversed course as basis trades unwound amid rising volatility. The yield surged past 4.50%, now sitting above that key level (source: The Kobeissi Letter, May 21, 2025). This sharp increase in yields signals tighter financial conditions, which historically pressures risk assets like Bitcoin and altcoins. Crypto traders should monitor US bond market volatility closely, as sustained high yields may drive further outflows from digital assets and increase market risk.