The latest 5-year Treasury auction just dropped some telling signals. Demand from international investors has taken a noticeable hit, while domestic direct bidders are stepping up to fill the gap—hitting record levels. That "tailing" (prices falling short of expectations) is worth paying attention to. When foreign appetite weakens, it typically means global risk sentiment is cooling. At the same time, domestic heavy lifting suggests domestic institutions are reassessing their fixed-income positioning. For crypto markets, this kind of treasury action matters more than people think. Weak foreign demand on safe-haven bonds could signal shifting capital flows, which sometimes finds its way into higher-risk assets when sentiment eventually turns. Worth watching as macro conditions keep shaping where money flows.