Analyst: BTC can still rise even though the yield of treasury bond is high, indicating that it is gradually regarded as a means of value storage Analyst Darkfost believes that when the US dollar index and treasury bond yield rise at the same time, capital tends to escape from risky assets, and Bitcoin usually experiences a correction in this environment. Historically, the bear market of cryptocurrency tends to coincide with the strong upward trend of treasury bond bond yield and dollar index. On the contrary, when the dollar index and treasury bond bond yield lose momentum, investors' preference will turn to risky assets. These periods are typically associated with expectations of monetary easing or Fed rate cuts, exacerbating bullish sentiment in the cryptocurrency market. What is striking in the current cycle is the unusual decoupling between Bitcoin and treasury bond yields. Although the yield of treasury bond has reached the highest level in the history of Bitcoin, Bitcoin continues to show an upward trend, and usually accelerates to rise when the dollar index falls. This anomalous phenomenon indicates a structural shift in the role of Bitcoin in the macro landscape. The reason is that Bitcoin is increasingly seen as a means of storing value. This new narrative may be redefining how Bitcoin responds to traditional macro forces.