According to CoinMeta, as the sell-off of tech stocks intensifies, the hedging function of U.S. Treasury bonds has significantly returned. This year, U.S. Treasury bonds have failed to provide traditional protection for investors, but this function has been restored this week. An indicator measuring the inverse relationship between U.S. Treasury bonds and artificial intelligence-related stocks has rebounded to levels from a year ago, indicating that investors are returning to the bond market in search of hedging. Charlie McEligott, a cross-asset strategist at Nomura Holdings, said that bonds are once again playing a hedging role, and the market is re-evaluating the possibility of a growth panic in the United States.