The trend of US Treasury yields is worth paying attention to. Société Générale predicts that the Federal Reserve will continue to cut interest rates next year, and the 10-year Treasury yield may fall to 3.75% by the end of 2026. This could impact market liquidity. Meanwhile, the 30-year Japanese government bond yield has hit a new high, reflecting market expectations of the Bank of Japan's policy adjustments. It is important to closely monitor how these changes affect global capital flows, especially in cross-chain asset allocation and the DeFi sector. It is recommended to keep an eye on capital inflow and outflow data from major exchanges, as well as large wallet asset adjustments, which may reveal some interesting on-chain signals.