The market has just digested a major piece of data: the 30-year Treasury futures fell by 0.6%. This seemingly small move hides a story worth paying attention to.

The issue lies in the unexpectedly strong PMI indicator. When economic data exceeds market expectations, investors usually reassess interest rate outlooks and bond risks. This time was no different — the better-than-expected PMI readings put pressure on the bond market, causing futures contracts to drop accordingly.

For traders, this signal is quite clear: if the economic fundamentals continue to improve, long-term interest rates face upward pressure. Bond prices and yields move inversely; although the decline isn't large, it is enough to alter some asset allocation calculations. The crypto market has always been sensitive to macroeconomic environments, and such bond market fluctuations often trigger chain reactions in risk assets, making it important to closely monitor subsequent developments.