创2007年以来新高，美国30年期国债拍卖收益率升至5.06%

Odaily reports that the 30-year US Treasury bond auction yield has risen to 5.06%, the highest level since 2007, pushing long-term US Treasury yields back above 5%. At the beginning of 2022, the yield on the same-maturity Treasury bond was around 2%. Analysts believe that rising long-term yields signify an increase in the risk-free rate, which will raise the discount rate for risk assets, creating structural pressure on high-risk assets like Bitcoin. The current risk-free rate exceeding 5% has raised the threshold for speculative capital allocation, while the rising debt financing costs resulting from an expanding fiscal deficit are also sending a risk-off signal to the market in the short term.

Additionally, the investment boom in AI infrastructure is further intensifying competition for capital. Major tech companies are continuously issuing bonds to finance AI construction, competing with the US government for market funds, which further pushes up long-term interest rates. The market is eyeing the 5.20% high from May of this year; if yields break through this level, it could signal that long-term interest rates will continue to rise, leading to a further tightening of financial conditions.