The US 30-year Treasury yield climbed to 5.587%, marking its highest level since May 2004. This surge represents a significant milestone for long-term borrowing costs, reaching peaks not seen in over two decades. Rising yields on long-dated government debt signal tightening financial conditions that directly impact risk asset valuations and capital flows across cryptocurrency markets. Higher risk-free rates typically increase pressure on speculative assets as investors reassess portfolio allocations amid elevated borrowing costs.