According to BlockBeats, on July 20th, data from the Kobeissi Letter showed that the latest auction yield on 30-year US Treasury bonds rose to 5.06%, the highest level since 2007, pushing long-term US Treasury yields back above 5%. In comparison, the yield on US Treasury bonds of the same maturity was approximately 2% at the beginning of 2022.

Analysts believe that rising long-term yields imply an increase in the risk-free rate, which will raise the discount rate for risky assets and put structural pressure on high-risk assets such as Bitcoin. The current risk-free rate of over 5% raises the entry barrier for speculative funds, while the increased debt financing costs resulting from the widening fiscal deficit also send a risk-averse signal to the market in the short term.

Furthermore, the investment boom in artificial intelligence infrastructure is intensifying competition for funding. Large tech companies are continuously issuing bonds to finance AI construction, competing with the US government for market capital and further pushing up long-term interest rates. The market is focused on the 5.20% yield level reached in May of this year; if yields break through this level, it could mean that long-term interest rates will continue to rise, and financial conditions will tighten further.

According to BlockBeats, on July 20th, Multicoin Capital, as the sole institutional investor, invested $1.75 million in Trasia Labs' seed round, officially entering the Hyperliquid ecosystem. Trasia is a perpetual contract trading platform natively built on Hyperliquid, primarily targeting the Asian market.

Trasia was co-founded by Mable Jiang, former partner at Multicoin Capital and former Chief Revenue Officer of the Stepn team, and Edison Chen, a Web3 practitioner. It officially launched its first web version on July 17, supporting both Chinese and English. The mobile app is expected to launch in August, and an invitation-only Asia Points program has been launched.

The platform currently integrates with Hyperliquid's native perpetual market in a non-custodial model, and plans to launch its own perpetual contracts based on the HIP-3 protocol, focusing on asset classes with high interest from Asian investors, such as AI infrastructure and pre-IPO. The official statement indicates that over $35 million in HYPE and USDC has been invested to support the growth of the Asian equity perpetual market and related ecosystem.

According to BlockBeats, on July 20th, data from the Kobeissi Letter showed that the assets under management (AUM) of leveraged semiconductor ETFs have fallen from a peak of approximately $163 billion in June to $100 billion, a cumulative decrease of approximately $6.3 billion, or 39%, marking the largest decline since April 2025. Semiconductor ETFs accounted for approximately 63% of all leveraged ETF outflows in the US during the same period.

Analysts believe the sharp decline in AUM reflects capital outflows rather than profit-taking by investors. Since leveraged ETF fund flows are often seen as a real-time indicator of speculative positions, the large-scale outflow from the semiconductor sector sends a clear risk-averse signal. From a cross-asset perspective, sentiment towards high-beta risk assets is generally weak, and as leveraged technology stock positions continue to be withdrawn, market liquidity tends to tighten further.

However, the current asset size of leveraged semiconductor ETFs is still about 400% higher than in January 2023. If market momentum continues to deteriorate, there is still room for further capital outflows. For MU contract traders on the Hyperliquid platform, historically, large-scale withdrawals of leveraged semiconductor funds have often been accompanied by significant directional fluctuations in semiconductor stock prices. A continuously deteriorating capital flow can be seen as a leading indicator worth paying attention to.