Bitcoin against fiat currencies such as the yen hit a historical high in today's trading

The S&P 500 has experienced intraday fluctuations of less than 1% for 27 consecutive trading days, marking the longest period of low volatility since the pandemic. Goldman Sachs warns that this "calm" is the result of zero-day options strategies forcibly locking in the market, and once a catalyst emerges, the compressed volatility energy will be released all at once. Meanwhile, expectations for a rate hike in September are rising, market sentiment has dropped to its lowest point of the year, and fiscal sustainability risks loom large—is this pot of heating water going to boil for much longer?

After the 10-year US Treasury yield breaks back above the critical 5% mark, it is more likely to usher in a period of high-level tug-of-war and accelerated asset differentiation. Especially before energy shocks and the significantly eased large-scale expansion of the US fiscal deficit, the conditions to quickly replicate the sharp yield decline seen at the end of 2023 are not yet fully in place.