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Fed's Harker said a blunt truth tonight: The US Treasury yield soaring above 5%, hitting a new high since 2007, is not because the market has lost confidence in inflation, but due to three things — rising real interest rates, an unsustainable fiscal path, and AI and the tech sector competing with the bond market for money. What does this mean for $BTC? In the past, we used to interpret high interest rates as "rate hike expectations," betting that once it peaks, it's over. But this time it's different; it's a structural drain: money worldwide is flowing into "risk-free 5%" and AI, squeezing risk assets from both ends. She also added a final point — the current US fiscal path is unsustainable. To translate: this high interest rate environment can't be switched off with a single click in the short term. Don't rush to buy assets that grew relying on low interest rates.