Analysis: Soaring US Treasury yields put pressure on the Federal Reserve, gold strengthens, Bitcoin lacks safe haven demand

According to QCP Asia analysis, the US bond market has reacted strongly due to the US's tariff deterrence and subsequent easing measures, with 10-year and 30-year bond yields rising to 4.6% and 5% respectively, triggering market risk aversion. The Federal Reserve has released an intervention signal, and the market expects to cut interest rates 3.5 times by 2025. Gold continues to rise due to increased geopolitical risks, while Bitcoin, as an alternative safe haven asset, has not been favored by funds, and the market remains primarily defensive in its allocation.