German 10-year government bond yields have hit a new high, touching the 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, it reflects investors' re-pricing of inflation expectations and monetary policy direction. Fluctuations in traditional financial markets often propagate to the crypto space — when bond yields rise, the cost of capital increases, and risk assets usually face pressure.

Currently, the policy signals from major central banks are becoming particularly critical. Any changes in interest rate expectations could trigger cross-market chain reactions, which is a macro variable that cannot be ignored for digital asset allocation strategies.