US bond arbitrage position squaring sparks market panic, BTC bulls or 7.38-7 4,400 dollars were liquidated on a large scale

April 9 news, with the US bond market "basis trade" (Basis Trade) position squaring tide hit, the US 10-year Treasury yield soared to 4.5%, 30-year near 5%, the market liquidity tension intensified, causing risk assets under pressure. Analyst firm Hyblock warned that if BTC fell to $73,800-74,400 range, it will trigger a large-scale long leverage positions to strengthen, exacerbating downward volatility. Hyblock also pointed out that the lower support is around $70,000, if it falls below it may trigger more stops and liquidations.