According to The Kobeissi Letter, on May 21st, the US 10-Year Treasury Note yield jumped above 4.60%, exceeding the levels seen during the Trump administration's 90-day tariff pause on April 9th (Source: @KobeissiLetter, May 23, 2025). This sharp rise in yields signals significant stress in the bond market, despite continued strength in equities. Such yield spikes typically trigger risk-off sentiment that can increase volatility in the cryptocurrency market, as traders may rotate capital away from risk assets like Bitcoin and altcoins. Crypto traders should closely watch bond market developments and potential Trump administration interventions, as these could impact liquidity and risk appetite across all asset classes.