Germany's 10-year government bond yield has hit a new high, reaching its highest point in nine months. The market's focus is now on the next moves of central banks around the world.

Behind this wave of yield increases is a re-pricing of investors' inflation expectations and monetary policy outlooks. Fluctuations in traditional financial markets often transmit to the crypto space—when bond yields rise, the cost of capital increases, and risk assets typically face pressure.

Currently, the policy signals from major central banks are becoming especially critical. Any changes in interest rate expectations could trigger a chain reaction across markets, making this a macro variable that cannot be ignored for digital asset allocation strategies.