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The interest rate manager at Société Générale said they are currently neutral on US rates and will act once volatility comes down. In other words: they don't understand it, so they're sitting it out for now. The US Treasury volatility index rose nearly 30% this week, the sharpest increase in a year. Traders collectively chose to wait and see—not bearish, not bullish, just finding the market too shaky to bet on. Honestly, I quite understand this mindset. What the market fears most isn't a drop, but directionless chaos. Acting recklessly now is like crossing the street with your eyes closed. For the crypto space, this doesn't bring any direct short-term positives or negatives. But when US Treasuries are unsettled, global capital tends to get more cautious, and risk assets are somewhat affected. While others wait for volatility to subside, I think this attitude is right. When things are unclear, doing nothing is the best move. Money can't be earned endlessly, but it can be lost completely. #美债长端利率持续攀升，融资压力升温 #美联储重启加息，BTC为何仍有韧性？ #高利率下，黄金还能走多远？ $BTC