I just looked at the recent market movements, and Bitcoin has fallen from $67,000 to now, definitely under significant short-term pressure. The underlying logic is quite clear—U.S. Treasury yields are climbing again, approaching 4.5%, which is a one-year high, and the dollar is strengthening. This is inherently bearish for risk assets like cryptocurrencies.

The most direct manifestation is that over $50 million in long positions were liquidated within an hour yesterday, with Bitcoin accounting for the majority—about 70% of the liquidations came from BTC positions. I checked on-chain data, and liquidity below $66,000 is quite deep, meaning if the price continues to fall, there could be a chain reaction. Funding rates have also turned negative, indicating that traders are paying to hold short positions, and market sentiment is indeed quite pessimistic.

Interestingly, the rise in U.S. Treasury yields has also affected crypto-related publicly traded companies—Circle, a major exchange, MicroStrategy, and other coin-holding firms' stocks are all falling. The MOVE index has increased by 18% over the past 24 hours, indicating rising volatility in the bond market and increased uncertainty. Coupled with ongoing tensions in the Middle East and Ukraine stirring oil prices, the DXY index is approaching 100, squeezing all risk assets.

Another point worth noting is the project World Liberty Financial, whose WLFI token has recently dropped sharply, hitting new lows. They used their governance tokens as collateral to borrow stablecoins and cleared the liquidity pool on the Dolomite platform. Such operations carry significant risk. Some have pointed out that this creates a cycle risk—when the token price drops, collateral weakens, borrowing capacity decreases, which in turn pushes the token price down further. Currently, WLFI's treasury buybacks are operating at a loss, making this closed loop quite risky.

Overall, the U.S. Treasury yield variable is now a stone weighing on the crypto market, and short-term volatility may persist.