The 10-year Treasury yield has climbed to session highs following disappointment in the latest 2-year auction results. What caught traders' attention wasn't just the weak bidding—it was the foreign participation dropping to its lowest level since early 2023. This kind of pullback in international demand for short-term U.S. debt can signal shifting expectations about rate trajectories and risk appetite in global markets. When overseas investors trim their Treasury exposure, it often filters through to how capital flows into other asset classes. For anyone tracking macro trends and their crypto implications, this is worth monitoring closely.