ChainCatcher message, Coindesk analyst James Van Straten stated that since the end of 2024, the cryptocurrency market has been in a bull market, but the trend of rising global government bond yields seems to have become undeniable.

The yield on the U.S. 10-year Treasury bond is considered the global standard benchmark, and as of Wednesday, this yield has risen to 4.70%, approaching a multi-year high, having increased by more than 100 basis points since the Federal Reserve first cut the federal funds rate in September.

Meanwhile, the yield on the 30-year British government bond rose to 5.35% this Wednesday, the highest level since 1998. Since the Federal Reserve's first rate cut in September, this yield has increased by 105 basis points.