The momentum building in bond markets suggests we're far from done with rising Treasury yields. When fast money starts chasing yields, things can escalate quickly—and right now, the conditions look ripe for another leg higher.

Why does this matter? Bond yields act as a benchmark for risk pricing across all asset classes, including crypto. When Treasuries rally hard, it shifts how investors allocate capital. The higher the "risk-free" rate climbs, the harder it gets for speculative assets to justify their valuations.

The narrative around sticky inflation and growth resilience keeps alive the case for higher rates. Hedge funds and momentum-driven players aren't done rotating into fixed income. Supply concerns in the bond market also can't be ignored—there's a lot of paper hitting the market, and yields have to move to clear it.

For traders watching crypto cycles, this backdrop matters. When Treasury yields spike, we typically see capital flow away from risk assets into "safe" havens. But it also creates the setup for mean reversion plays once the cycle turns. Right now though, the tape's showing no reversal signals yet—just steady pressure higher on rates.