Bitcoin (BTC) price analysis: Crash risk rises as bond yields surge
That is how Holger Zschaeptiz, one of the most widely followed macro commentators on X, reacted after the yield on the 30-year U.S. Treasury note (government bond) rose to 5% early today, hitting the highest since July 2025. This level has been tested only twice over the past two decades. His reaction also sums up the mood of several crypto analysts who see rising yields as a headwind for bitcoin , the worlds biggest cryptocurrency by market value and a macro asset. “At this point, the dynamic is simple. As long as yields remain attractive and [Feds monetary policy] stays tight, capital has a real alternative to risk. This continues to pressure assets like crypto, depending on liquidity and momentum,” Diana Pires, chief business officer at sFOX, said in an email to CoinDesk. sFOX is a San Francisco-based cryptocurrency prime dealer and trading platform designed for institutional investors, hedge funds, and businesses. Bitcoin is already under pressure alongside an uptick in the Dollar Index (DXY). As of writing, BTC traded at $75,670, down 2% over 24 hours, and the DXY hovered above 99, looking to extend Wednesdays 0.5% gain. Heres why rising bond yields typically hurt BTC and other risk assets. When the U.S.