Recent market dynamics have indeed experienced several changes. U.S. Treasury yields have been rising steadily, breaking through the 4.2% threshold, which has prompted investors to reevaluate the Federal Reserve's future policy trajectory.

Political voices are also exerting ongoing pressure. Criticism of the Federal Reserve Chair has become more frequent, bringing the issue of independence back into market focus. Whenever such controversies arise, market reactions tend to intensify volatility—funds become more cautious, and risk assets come under noticeable pressure.

Current concerns mainly revolve around a few core questions: Is the rate hike cycle truly nearing its end? Will the timetable for rate cuts be further delayed due to these uncertainties? For cryptocurrencies like Ethereum, changes in these macro variables directly impact market risk appetite.

Honestly, the market's biggest dislike is uncertainty. The repeated policy signals, data fluctuations, and intertwined voices from various parties have all kept liquidity in a cautious state. Sentiment is heavily inclined towards waiting for clearer signals.

What do you think? How long will this rise in U.S. Treasury yields last? Will the high-interest-rate environment continue to suppress risk assets as a norm?