According to The Kobeissi Letter, the 10-year US Treasury yield is approaching 4.50% again today, causing equities to turn negative. The bond market is currently pricing in higher interest rates and increasing fiscal deficits, suggesting that a sustainable rally in risk assets like stocks and cryptocurrencies may depend on a reversal to lower yields (source: The Kobeissi Letter, May 28, 2025). Crypto traders should closely monitor bond yields as persistent high rates can lead to risk-off sentiment, affecting both stock and crypto market liquidity and valuations.