According to ChainCatcher, the MOVE index, an indicator of U.S. Treasury market volatility, has continued to rise since hitting a bottom of 82 points in mid-December, reaching 102.78 points on January 8. Increasing volatility in the Treasury market indicates a tightening financial environment, which may trigger risk aversion.
The latest data showed that the manufacturing sector performed better than expected, pushing up U.S. Treasury yields across the board. The 30-year Treasury yield rose to 4.92%, and the 10-year yield rose to 4.68%.
The market observed that Bitcoin and the S&P 500 index showed a "head and shoulders top" pattern, which echoed the trend of the MOVE index. On January 8, Bitcoin fell 5% to $96,900, and the S&P 500 fell more than 1%. Analysts pointed out that the bond market dominated the market trend and it was difficult for risky assets to regain their upward momentum.
