Global bond yields are surging, and that could become a major problem for risk assets. The US 10-year Treasury yield is around 4.78%, its highest level since early 2025. Japan’s 10-year yield has reached 3% for the first time since 1996. Germany’s 10-year yield is at its highest since 2011, while the UK 10-year yield has climbed to its highest level since 2008. Several factors are driving the move: Oil has moved above $90 as Middle East tensions raise concerns over renewed inflation. At the same time, markets are pricing a more hawkish outlook for central banks while governments continue borrowing heavily. Higher bond yields mean higher borrowing costs and tighter financial conditions. That matters for crypto too. If yields continue rising, investors may become less willing to take risk across stocks and Bitcoin. This is a macro situation worth watching closely. The bond market could have a much bigger influence on crypto than many people realise.