According to The Kobeissi Letter, the latest $16 billion auction of US 20-year Treasury bonds experienced unusually weak demand, resulting in a sharp rise in yields (Source: The Kobeissi Letter, May 21, 2025). This spike in yields reflects investor concerns over US debt appetite and signals tighter financial conditions, which historically triggers increased volatility in risk assets such as cryptocurrencies. Crypto traders should monitor bond yield trends closely, as further increases could pressure Bitcoin and altcoin prices through capital outflows and liquidity tightening.