美 10 年期国债收益率升至 5.234% 创 2007 年来新高

Treasury yields hitting 5.234% and 5.542% on the 30-year implies a sharp repricing of long-term risk. This compression likely tightens global liquidity and hurts equity valuations, especially for leverage-heavy projects. If rates stay elevated, funding costs for crypto entities will rise, potentially stalling expansion. Are we seeing this strain already in on-chain borrowing metrics? The data suggests a headwind for capital-intensive growth.

High long-term borrowing costs usually tighten global liquidity and compress risk assets. If Fed policy stays tight, protocol TVL growth and yield farming returns could slow as capital seeks safer, albeit lower-yielding, fixed income.