Treasury Yield Volatility Spikes — What It Means for Global Liquidity and Crypto Markets 🧵👇

1/ Widening Yield Spreads Spark Global Market Jitters On April 9, long-term U.S. Treasury yields surged, pushing the spread between 10-year and 2-year — and 30-year and 2-year — bonds to their widest levels since 2022. Such steep yield curve dislocations are typically seen as

2/ Recent Treasury Auctions Draw Varied Market Interest On April 8, the U.S. Treasury’s US$58B 3-year note auction saw soft demand. While concerns had mounted ahead of the US$39B 10-year and US$22B 30-year auctions, strong demand at the 10-year sale on April 9 helped ease some

3/ Global Impact: Carry Trade Risks Soft demand for long-term U.S. bonds has pushed yields higher, adding to broader market stress. This environment increases the risk of a carry trade unwind, where investors who used low-yielding currencies like the yen to fund U.S. asset

4/ Trump’s Policy U-Turn Comes Amid Bond Market Volatility On April 9, Trump announced a 90-day delay on additional tariffs, prompting a relief rally across risk assets. The move came amid ongoing Treasury market stress, with the U.S. needing to issue new debt to support fiscal

5/ Bitcoin Shows Signs of Resilience Despite a strong correlation with U.S. equities over the past year, Bitcoin’s volatility has been more muted than expected. Its 14-day rolling beta to the Nasdaq has dropped to 0.26 — well below the 3-year average of 0.72 — indicating

6/ Liquidity Hopes Offer Support for Crypto There are growing signs that global policymakers could consider liquidity support, depending on how conditions evolve. For example, China has introduced a potential US$300B stock market support package — mobilizing the PBOC,

7/ Outlook Increased liquidity support — including potential action from the Fed, ECB, and BoJ — could serve as a key tailwind for markets going forward. Still, near-term uncertainty lingers. Keep an eye on trade negotiation headlines, bond market volatility, and incoming data:

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