According to The Kobeissi Letter, the US 10-Year Treasury Note yield surged above 4.60% on May 21st, exceeding levels seen during the Trump administration's 90-day tariff pause on April 9th (source: The Kobeissi Letter, Twitter). This spike in yields signals significant stress in the bond market, even as equities remain strong. Elevated yields often indicate risk-off sentiment, which can lead to increased volatility in crypto markets as investors reassess risk exposure. Traders should closely monitor bond market developments, as further intervention or policy shifts could trigger rapid capital flows into or out of digital assets, impacting Bitcoin and altcoin price action.