Bitcoin Defies Conventional Wisdom with Zero Correlation to Bond Yields

The conventional wisdom is that rising bond yields are bad for assets without income, and Bitcoin's zero percent interest rate should make it vulnerable to Treasury sell-offs. However, data from early September 2026 paints a different picture.

Bitcoin's correlation with the 10-year US Treasury yield is near-zero at -0.17 over a 90-day rolling period. This is strikingly different from gold, which has a similar correlation of -0.41. While bond yields have surged to multi-year highs above 5%, Bitcoin has traded in a relatively stable range between $63,000 and $86,000.

The relationship between Bitcoin and bond yields appears to be decoupling, with the asset's price seemingly indifferent to yield movements. In contrast, Bitcoin is moving more closely with gold, with a 90-day correlation of 0.59, its highest reading since 2020.