According to The Kobeissi Letter, today’s US bond auction saw notably weak demand, resulting in a higher-than-expected yield of 5.047% compared to the anticipated 5.035% (source: The Kobeissi Letter via Twitter, May 21, 2025). This weaker demand signals risk-off sentiment among traditional investors, causing bond prices to fall and yields to rise. Historically, such yield spikes often lead to increased volatility in the cryptocurrency market as traders anticipate shifts in liquidity and risk appetite. Crypto investors should closely monitor US Treasury auctions, as elevated yields can pressure digital asset prices by drawing capital away from risk assets.