TechFlow, May 21 — HTX DeepThink column author and HTX Research researcher Chloe (@ChloeTalk1) analyzed the GENIUS stablecoin bill, noting that today's U.S. 10-year Treasury yield has fallen to 4.46%. If the bill is formally passed, it could further lock up short-term Treasuries in the market, suppress long-term interest rates, and inject more "dollar-like" liquidity on-chain, providing fresh upward momentum for Bitcoin. The bond market volatility indicator MOVE has also dropped to 101. The Treasury's $40 billion Treasury buyback this month has been dubbed "stealth QE" by the market, indicating a quiet loosening of the funding environment. On-chain data shows that currently 97% of Bitcoin addresses are in profit, while Bitcoin spot ETFs saw another $330 million in daily inflows, reflecting clearly bullish sentiment. Options markets are also optimistic, with BITO's put/call ratio at just 0.40, indicating most investors are betting on price increases.
If Treasury yields fall below 4.2% in the future, Bitcoin could retest its all-time highs.
Against this backdrop, stablecoin payments and on-chain wealth management sectors—particularly the TRX ecosystem (e.g., stablecoin payments) and the Sonic ecosystem (stablecoin DeFi tools)—are poised to become new hotspots.
Notably, KAITO, the leading project in AttentionFi previously analyzed in this week's HTX DeepThink column, has risen approximately 30% since the article's publication. Huobi HTX has already listed KAITO.
