News

⑴ On Friday, U.S. Treasury prices edged down slightly, with the yield curve further flattening. As of 18:58 (UTC+8), the March contract for 10-year Treasury futures was trading at 112-22, with an intraday range of 112-21 to 112-28. The yield spread between 10-year U.S. Treasuries and German Bunds remained unchanged at 134.5bp. ⑵ Risk assets generally weakened, with the S&P 500 Index down 0.2% and the Euro Stoxx 50 Index down 0.1%. In Asian markets, the Nikkei 225 Index closed down 1.2%, and the CSI 300 Index fell 1.3%. ⑶ The Japanese yen weakened against the U.S. dollar to 153.37, the euro was quoted at 1.1856, and the pound at 1.3614. The U.S. Dollar Index edged up to 97.03. Gold rose slightly to $4,942.86, and crude oil was quoted at $67.77. ⑷ In terms of capital flows, U.S. Treasuries saw active trading but the yield curve flattened, reflecting the market's expectation for short-term rates to stabilize while remaining cautious about long-term growth prospects. Risk assets came under pressure simultaneously, indicating a rise in risk aversion sentiment. ⑸ Looking ahead, attention should be paid to the further guidance of U.S. inflation data on the curve's shape. If core PCE exceeds expectations, long-end yields may face upward pressure and the flattening trend of the curve may pause temporarily.

On February 13, the California Public Employees' Retirement System increased its holdings in the bitcoin treasury company MicroStrategy (stock code: MSTR) by 22,475 shares, bringing its total holdings to 470,632 shares, valued at approximately $59 million. The retirement fund manages assets of about $611 billion.

According to Odaily, DeFiance Capital CEO Arthur stated on X that the cryptocurrency market has undergone a complete transformation—from a valuation system supported by venture capital and focused on growth, to one centered on short-term cash flow generation, as this is the most likely path to deliver substantial returns for investors. Investors who have not yet understood this shift will only endlessly deplete their capital. Arthur: "Venture capital-style crypto is dead, cash flow-style crypto lives forever. All new projects I invest in going forward must be pure cash flow businesses, able to recover all invested capital within 6 to 12 months, and achieve a 3 to 5 times return solely through cash flow. Any project that only hypes growth concepts will no longer work."