Large funds are betting that US Treasury yields will fall. The open interest in call options on the March-maturing 10-year US Treasury bonds has hit a new high, approaching 171,150 contracts. These options profit when bond prices rise — in other words, when yields decline. Such short positions in the market have expanded sharply, indicating that investors are clearly betting on a rebound in the bond market. A shift in interest rate expectations often leads to a revaluation of risk assets, and the crypto market usually follows suit with speculation.