创2007年以来新高，美国30年期国债拍卖收益率升至5.06%

The 30-year U.S. Treasury bond auction yield has risen to 5.06%, hitting a new high since 2007, pushing long-term U.S. 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 indicate 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 above 5% has raised the threshold for speculative capital allocation, and the rising debt financing costs due to the widening fiscal deficit are also sending a risk-averse signal to the market in the short term.

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