According to The Kobeissi Letter, the latest US 20-year bond auction resulted in a 1.2 basis point tail, the largest since December, as reported by ZeroHedge. The high yield reached 5.047%, making it only the second time in history that a 20-year Treasury auction has cleared above 5%. This sudden and significant tail highlights persistent demand concerns and signals heightened risk sentiment in the broader bond market. For cryptocurrency traders, such a sharp rise in Treasury yields typically pressures risk assets and increases volatility in digital asset markets as liquidity conditions tighten. Source: The Kobeissi Letter via Twitter.