The yield of the US two-year treasury bond bond hit 4.05% and the 10-year yield hit 4.5%, both of which hit a new 12 month high - behind this is that the CPI and PPI in April both exceeded expectations, and the superposition of energy prices and the situation in Iran added fuel. At the same time, BTC is firmly pressed below the 200 day moving average and cannot rise. The logic is straightforward: when low-risk returns become attractive again, the opportunity cost of risky assets quietly increases. But looking at it from a different perspective, if the market has already put the most hawkish expected price in, any signal of inflation falling in the future may actually become a catalyst for BTC to break through. The key question is: Has this' most eagle 'peak been reached yet?