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#美债长端利率持续攀升，融资压力升温 _________________________________ US long-term Treasury yields are soaring (10-year at 5.2%, 30-year at 5.46%), mortgage rates have broken 7%, and the global asset pricing "anchor" is undergoing a severe revaluation. The Treasury's 6 billion buyback only accepted 4 billion, highlighting extremely low market willingness to absorb and severe liquidity tightness. Combined with previous analysis, the high risk-free rate is a Damocles sword over risk assets. Although BTC has shown resilience and AI concept stocks like Micron are expected to perform strongly, with risk-free returns above 5%, soaring funding costs will drain liquidity, exerting "valuation-killing" pressure on high-valuation tech stocks and crypto treasury enterprises reliant on debt expansion. If long-term yields do not stabilize, financing pressure will continue to suppress the real economy and risk assets. The resilience of BTC and tech stocks will face a true liquidity test, and caution is needed against pullback risks under macroeconomic gravity. @OKX星球