The bond market has hit a new ceiling.

In the first ten months of this year, global corporate bond issuance surged to $5.95 trillion—this figure has already surpassed last year's record of $5.93 trillion. Even more astonishing is that compared to 2014, the entire market has ballooned by $2.5 trillion.

Why is money pouring into bonds like crazy? The core logic is very simple: the credit spread has been pushed down to near the freezing point since 2007, and investors feel that the risk is almost nonexistent. The result is that demand continues to crush supply, buyers are eager, and issuers naturally open the floodgates.

The liquidity frenzy is still accelerating. For the cryptocurrency market, the more relaxed traditional finance money is, the more pronounced the spillover effect becomes—when bond yields are suppressed so severely, funds have to find a way out.