Binance Research: Real Yields Hit New Highs Since 2008, Highly Concentrated Leadership in Crypto and Equity Sectors
According to a report from Binance Research, since August 31, the US 10-year Treasury yield has risen by 47 basis points to 5.22%, with 43 basis points driven by an increase in real yields (currently at 2.87%, peaking at 2.95% on October 5, the highest since 2008), while inflation expectations contributed only 4 basis points.
Since the rate hike on September 16, leading market sectors have been highly concentrated: in equities, the S&P 500 rose 3.3%, led by semiconductors up 10.6%, while small-cap and bank stocks declined, and the equal-weight index remained flat; in crypto markets, Bitcoin gained 9.3%, Ethereum rose 2.7%, with Layer 2 (+32%), RWA (+29%), and AI tokens (+29%) leading the way, while Meme coins and payment tokens only advanced 5%.
In terms of fund flows, net inflows into stocks on the Binance platform reached $169 million, with semiconductor-related inflows nearly quadrupling to $73 million, and Intel attracting $32 million in a single week despite a 12% drop in its stock price.
Key focus areas ahead include the September CPI data (expected to rise from 3.4% to 3.7%) and the banking earnings season, which will serve as a key test of the current market landscape.
