German 10-Year Bund Yield Falls 1bp to 3.46% as Rally Trims

The modest scale of the move matters more than its direction: a single basis point suggests the earlier rally was driven by positioning or a fleeting safe-haven bid rather than a durable repricing of German duration. For RWA and crypto markets, Bund yields remain a key reference for euro-denominated collateral and tokenized sovereign exposure, so the trimming of the rally is worth noting as a sign that demand for euro duration is not strengthening. Whether this pullback extends or reverses is the open question.