According to The Kobeissi Letter, the yield spread between Microsoft's 30-year bond and the US 30-year Treasury has narrowed to just 20 basis points, marking the lowest differential on record. This spread has decreased by 100 basis points since 2020, reflecting investor confidence in Microsoft's creditworthiness (source: The Kobeissi Letter, May 28, 2025). For traders, this historically tight spread signals a shift in risk perception that may drive more institutional capital into high-grade corporate bonds, potentially reducing liquidity in riskier assets like cryptocurrencies. As traditional safe-haven yields converge, market participants may reconsider portfolio allocations, impacting flows into Bitcoin and other digital assets.