PANews reported on May 23 that a report from Binance Research Institute showed that bond market volatility is affecting the cryptocurrency market through multiple channels. First, risk preference transmission. Rising bond yields have led to tighter liquidity in the crypto market, and a surge in the bond volatility index (MOVE) often indicates a Bitcoin pullback. Second, the opportunity cost effect. High real interest rates make bonds more attractive than Bitcoin. When real interest rates soared in 2022, Bitcoin fell significantly. Third, macroeconomic feedback. Concerns about economic recession will trigger capital withdrawal from the crypto market. Fourth, internal amplification mechanism. DeFi and stablecoins are more vulnerable to bond shocks, and liquidity tightening can easily cause chain failures in leveraged crypto systems. The report also proposes three scenario forecasts: In the case of a "soft landing", inflation will fall and interest rates will fall, which will benefit the recovery of Bitcoin and DeFi; if a systemic crisis occurs, a "crypto winter" may occur. In addition, in 2025, attention should be paid to risks such as the reset of the US debt ceiling and continued inflation.