币界网报道：According to the news from the Coinnet, Cryptoquant analyst Darkfost released a market analysis saying that macroeconomics has become the dominant narrative in today's cryptocurrency market. Therefore, key indicators such as the US dollar index (DXY) and US Treasury yields are now closely watched by investors, reflecting the overall state of institutional sentiment and global liquidity. When DXY and bond yields rise at the same time, capital tends to withdraw from risky assets. In this environment, Bitcoin usually experiences a pullback. Historically, bear markets in cryptocurrencies tend to coincide with strong upward trends in yields and DXY. Conversely, when DXY and yields lose momentum, investors' risk appetite turns to risky assets. These periods are usually associated with monetary easing or market expectations of Fed rate cuts, which drives bullish sentiment in the crypto market. What is striking in the current cycle is the abnormal decoupling between Bitcoin and bond yields. Despite yields reaching one of the highest levels in Bitcoin's history, Bitcoin continues to maintain an upward trend, especially when DXY falls, which tends to accelerate. This anomaly indicates that there has been a structural shift in Bitcoin's role in the macroeconomic landscape, and Bitcoin is increasingly seen as a means of storing value. This new narrative may be redefining how Bitcoin responds to traditional macroeconomic forces.