Rising U.S. Treasury yields and a stronger dollar put pressure on risk assets such as cryptocurrencies

According to CoinDesk, Bitcoin has fallen below $68,000, down about 2% in the last 24 hours. The 48-hour liquidation heatmap shows a significant concentration of liquidity below $66,000, indicating that Bitcoin may further decline in the short term.

In terms of funding rates, the perpetual contract funding rate has turned negative, with shorts needing to pay fees to longs, reflecting the bearish sentiment in the market. The macro environment continues to deteriorate. The yield on the U.S. 10-year Treasury bond is approaching 4.5%, the highest level since last year, reducing the appeal of risk assets like cryptocurrencies. The MOVE index, which measures volatility in the U.S. bond market, has risen 18% in the past 24 hours, indicating increasing uncertainty.

Meanwhile, Ukraine's disruption of Russian oil circulation has derailed Trump's plans to ease supply tensions, with both Brent crude and WTI crude rising about 3%. The U.S. dollar index DXY has also risen to 100, further suppressing risk assets.