BlockBeats News, May 27th. According to HTX Research analyst Chloe (@ChloeTalk1), in this issue of the HTX DeepThink column, last week's long-term bond auctions in the United States and Japan were both lackluster. The yield on the US 20-year Treasury bond rose to 5%, and Japan's long-term interest rate also hit a 25-year high, sparking concerns in the market about global liquidity tightening.

However, the current US Treasury Department mainly absorbs market funds through 3–6 month T-Bills, with the actual impact more concentrated on money market funds, limiting the impact on risk assets. The Federal Reserve also has tools such as pausing balance sheet reduction or restarting the repo window to provide liquidity support to the market. Under this influence, Bitcoin has shown strong resilience: spot ETFs maintain a slight net inflow, on-chain data shows that over 70% of Bitcoin has been held for over six months, exchange balances continue to decline, and funds from Asia and the Middle East are buying the dip. Even though the net financing scale of US bonds may rise to $1.25 trillion in the future 7–9 months, mainly through short-term issuance, combined with repo tools, the direct impact on high-beta assets remains relatively limited.