Bitcoin Fails to Defy High Treasury Yields as Equities Brush Off Risk

Wall Street's biggest bears have gone quiet on 5% Treasury yields. According to Bank of America Private Bank Chief Investment Officer Chris Hyzy, this level no longer scares stocks as it once did.

The question is whether Bitcoin can also fight off the bear case high treasury yields bring for risk-on assets. While equities shrug off higher rates, Bitcoin has spent 2026 losing the fight for the same money.

Hyzy pointed out that $9 trillion sits in money funds and deposit accounts. Investors earning two to three points above inflation feel less pressure to chase risk.