**[Analysis: Three Major Macro Risks Overshadow Bitcoin Regulatory Optimism]** BlockBeats reported on May 18 that despite the successful passage of the U.S. "Clarity Act" through the Senate Banking Committee last week, providing the clearest path yet to establishing a comprehensive regulatory framework for the crypto industry, the deteriorating macro environment is suppressing market risk appetite, and crypto assets are also under pressure. Crypto analyst Omkar Godbole wrote that the market is currently facing three major risks: First, volatility in the U.S. Treasury market has significantly increased. The MOVE index, which measures U.S. Treasury volatility, surged 14.7% last Friday to 79.87, marking its highest level since April 7. As U.S. Treasuries are the core collateral of the global financial system, rising yields and volatility typically suppress the performance of risk assets and trigger widespread deleveraging. Second, the risk of yen depreciation continues to intensify. The USD/JPY exchange rate has recently risen from 155 to nearly 159, approaching the critical level of 160 where the Bank of Japan has historically intervened. The market is concerned that if the Bank of Japan intervenes to strengthen the yen, it could trigger the unwinding of "carry trades" financed with low-interest yen, leading to a contraction in global liquidity. QCP Capital noted that the unwinding of currently crowded yen carry trade positions could impact global risk assets. Third, international oil prices continue to rise. Both WTI and Brent crude oil have surpassed $100 per barrel. Fatih Birol, head of the International Energy Agency (IEA), warned that global commercial crude oil inventories are rapidly declining due to the Iran conflict and the closure of the Strait of Hormuz, with remaining inventories potentially lasting only a few weeks. If oil prices continue to rise, it could reignite global inflation and further tighten financial conditions. Although the regulatory environment is improving, current macro pressures—including bond market volatility, yen carry trade risks, and rising oil prices—have temporarily overshadowed the positive developments in the crypto market. "At present, macro factors are taking the lead." Additionally, since 2026, cross-chain bridge attacks have been frequent, with hackers stealing approximately $328 million in assets across eight major bridge attacks, highlighting the persistent security issues in the industry's infrastructure. [Original Link]