Live updates: Bitcoin continues lower as bond yields take center stage
U.S. bond yields are little changed early Thursday after yesterday's surge higher sent risk markets sharply lower.
Bitcoin (BTC) is trading at $83,500 two hours prior to the U.S. market open, down 2.55% over the past 24 hours. Ether (ETH) and solana (SOL) are down closer to 3%, and XRP (XRP) is lower by 7.5%.
U.S. stock index futures are pointing to a second day of declines, the Nasdaq down 0.9% and the S&P 500 off 0.5%.
The bond market is steady early Thursday following yesterday’s plunge that saw the U.S. 10-year Treasury yield surge nearly 20 basis points to its highest level in more than 19 years.
Asanat Analysis — Why it matters
Bond yields remain the dominant macro signal for risk assets, including crypto. When Treasury yields rise sharply, capital rotates from equities and alternative assets into fixed income—a carry trade unwind that pressures Bitcoin and correlated risk markets. The 'little changed' posture Thursday suggests traders are digesting yesterday's move rather than committing to new direction, creating range-bound conditions typical of macro uncertainty.
Bitcoin's sensitivity to real rates underscores how the asset has become a macro beta play rather than a pure store-of-value narrative. In high-yield environments, BTC struggles to compete on risk-adjusted returns. This dynamic signals that crypto adoption as a hedge or portfolio diversifier remains contingent on low-rate regimes—a structural constraint worth monitoring as the Fed's forward guidance and inflation expectations shift.