$BTC now has a real opportunity-cost problem. The US 10-year Treasury yield reached around 5.12–5.13%, its highest level since 2007. That gives investors a very attractive alternative. A Treasury can deliver around 5% annually with predictable cash flow and far lower volatility. Bitcoin delivers returns through price appreciation, which means investors need stronger upside to justify the extra risk. This changes capital allocation. When yields sit near 5%, every dollar entering Bitcoin gives up a meaningful return elsewhere. That raises the hurdle for $BTC . Yet Bitcoin still offers something Treasuries cannot replicate: fixed supply, global liquidity and exposure to a scarce monetary asset. The next phase becomes a real test of demand. If $BTC can attract capital while investors can earn around 5% from Treasuries, that would say a lot about how strong conviction in Bitcoin has become.