Bitcoin Breaks Free from Equities as US Yields Soar to 24-Year High
The US Treasury yield on 10-year notes reached 5.28 percent on October 2, 2026, the highest level since May 15, 2002. This significant increase in yields has led to a decoupling of the bitcoin price from the S&P 500, with the cryptocurrency's correlation with US equities at its lowest level since 2015.
André Dragosch, head of research for Europe at Bitwise, attributes the move to the dollar, stating that 'the trend decoupling between the S&P 500 and bitcoin is the strongest in eleven years.' He also notes that the correlation between bitcoin and gold has reached a six-year high, with investors buying both assets.
The high yields on government bonds have created a benchmark for investments, with bitcoin having to earn a return equivalent to the yield on a 10-year US note, currently around $528, before any excess return arises.