#美国10年期美债收益率逼近5.3%
Today, the yield on the US 10-year Treasury briefly surged to 5.34%, the highest level since 2002.
But what’s truly worth noting isn’t the “5.3%” figure itself—it’s <$BTC >’s reaction.
Yesterday, US PCE came in below expectations. At one point, the market thought inflation pressures were easing, and BTC promptly rallied to around $85,500.
But then the Treasury yields moved back toward 5.3%, and BTC’s gains were quickly erased. It’s now back to above $83,000.
In other words:
Inflation data gave BTC a boost, but elevated long-term Treasury yields pushed that benefit back down.
This is also an important contradiction in today’s crypto market:
The US Dollar Index is strengthening, Treasury yields are above 5.3%, yet BTC hasn’t really broken down.
So next, I’ll focus closely on the 10-year Treasury.
If yields near 5.3% continue climbing, the pressure on BTC’s rebound will become increasingly obvious;
if the yield finally starts to drop meaningfully, it could instead give risk assets real room to breathe.
For BTC right now, the real issue isn’t just “rate cuts or rate hikes.” It’s whether America’s long-term cost of capital can actually come down.
Today, the yield on the US 10-year Treasury briefly surged to 5.34%, the highest level since 2002.
But what’s truly worth noting isn’t the “5.3%” figure itself—it’s <$BTC >’s reaction.
Yesterday, US PCE came in below expectations. At one point, the market thought inflation pressures were easing, and BTC promptly rallied to around $85,500.
But then the Treasury yields moved back toward 5.3%, and BTC’s gains were quickly erased. It’s now back to above $83,000.
In other words:
Inflation data gave BTC a boost, but elevated long-term Treasury yields pushed that benefit back down.
This is also an important contradiction in today’s crypto market:
The US Dollar Index is strengthening, Treasury yields are above 5.3%, yet BTC hasn’t really broken down.
So next, I’ll focus closely on the 10-year Treasury.
If yields near 5.3% continue climbing, the pressure on BTC’s rebound will become increasingly obvious;
if the yield finally starts to drop meaningfully, it could instead give risk assets real room to breathe.
For BTC right now, the real issue isn’t just “rate cuts or rate hikes.” It’s whether America’s long-term cost of capital can actually come down.