The yield on US Treasury bonds fell below 5%, resulting in a decline in US stocks, gold, and BTC. Has the world gone crazy? The world is not crazy, it's just the pricing logic of the market that has completely changed ❗ ️ Previously, when US bond yields fell, money would flow towards non interest bearing assets: Gold rises, Bitcoin rises, technology stocks rise. But this time, the script was torn apart. Why did gold fall? Spot gold has fallen below the $4050 mark. Because the funds did not seek safety, but instead went to buy stocks at the bottom. The decline in US bond yields should have been positive for gold. But the real interest rate is still high, coupled with the expectation of inflation not dying, gold has become an abandoned commodity that no one wants. Why did the US stock market also fall? Because it's not interest rates that dominate the market now, it's the financial reports of the US stock market. Tesla's revenue has declined, leading to a reduction in capital expenditures; Meta is offering non voting stock financing in order to develop AI. CoreWeave's debt mine has not been dismantled yet. Can AI make money? The financial report cannot provide an answer, and the market is panicking! Why did Bitcoin also fall? The risk appetite of BTC and US tech stocks is tightly tied to the Nasdaq. Yesterday, following SpaceX's financial report, BTC surged to around 84500 yuan. Today, as the mood receded, BTC plummeted back to around 81500 yuan. Do you understand? The decline in US bond yields is no longer a signal of "releasing water". It is funds telling you that even the safest haven is no longer profitable. When the bond market, stock market, gold market, and cryptocurrency circle all lose their direction at the same time, I smell a hint of the global financial crisis! Holding cash is better than anything else.