BlockBeats 消息，5 月 27 日，据 HTX Research 研究员 Chloe（@ChloeTalk1）在本期 HTX DeepThink 专栏分析指出，上周美国与日本的长期国债拍卖双双遇冷，美国 20 年期国债收益率升至 5%，日本长期利率亦创下 25 年新高，引发市场对全球流动性趋紧的担忧。
不过，当前美国财政部主要通过 3–6 个月期 T-Bill 吸收市场资金，实际影响更集中于货币基金，对风险资产影响有限；美联储亦具备暂停缩表或重启回购窗口等手段，可为市场提供流动性缓冲。受此影响，比特币展现出较强韧性：现货 ETF 维持小幅净流入，链上数据显示超 70% 的比特币已沉淀超过半年，交易所余额持续下滑，亚洲与中东资金亦在逢低买入。即便未来 7–9 月美债净融资规模可能升至 1.25 万亿美元，由于以短端发债为主，叠加回购工具托底，对高β资产的直接冲击仍较有限。
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