Bitcoin Holds Steady Near $84,000 Amid Rising Treasury Yields
Bitcoin's price has remained relatively stable at around $83,136 as of Saturday morning, despite facing pressure from rising US Treasury yields. The cryptocurrency had moved close to $85,000 on Friday after falling below $83,000 earlier in the week.
The strong institutional demand for Bitcoin is continuing to support its price, with spot Bitcoin ETFs attracting over $2.65 billion in five consecutive sessions through Wednesday. BlackRock's IBIT and Fidelity's FBTC accounted for a significant portion of these inflows.
However, the growing appeal of high-yielding US government debt is making it harder for Bitcoin to push higher, as investors become more cautious about putting money into riskier assets. The 10-year US Treasury yield moved above 5.2% on Friday, which could make Bitcoin and other cryptocurrencies less attractive to some investors.
Strategy, the largest corporate holder of Bitcoin, continues to buy up the cryptocurrency, with its latest purchase adding another 950 BTC for approximately $75.7 million. The company is also proposing daily dividend accruals for four of its US-listed preferred stocks, which could improve liquidity and make the shares more attractive.