This is the most core transmission pathway. When the central bank sells large amounts of U.S. Treasuries, bond prices fall and yields rise, causing the market's "risk-free rate" to increase, and funds withdraw from high-volatility assets like cryptocurrencies to flow into bonds. Recently, this linkage has become very clear. In early 2026, during the "sell-off America" trading wave, as U.S. Treasury yields soared, Bitcoin temporarily dropped below $90k, and Ethereum declined nearly 11% in a week. The analyst's original words at the time were: "Cryptocurrencies are no longer traded as safe-haven assets, but like leveraged Nasdaq."