Bitcoin Price Stabilizes Amid Rising Bond Yields as ONDO Token Rallies
The Bitcoin price experienced volatility on Thursday as US Treasury yields reached their highest level in nearly two decades. The 10-year US Treasury yield climbed to 5.18%, its highest since July 2007, while the 30-year yield hit 5.46%. This surge in bond yields made government bonds more attractive and weighed on non-yielding assets like Bitcoin.
Despite this, BTC managed to stabilize near $84,500 after briefly falling below $83,000. In contrast, ONDO Finance's token, ONDO, rallied as BlackRock-backed Ondo Intelligent Portfolios launched on Thursday. The tokens went live on Ethereum and BNB Chain, allowing non-US users to buy tokenized shares in diversified portfolios.
The launch of Ondo Intelligent Portfolios coincided with ONDO reclaiming the $0.50 level for the first time since December 2025. Mohamed A. El-Erian, president of Queen's College Cambridge, noted that Japanese foreign exchange intervention typically involves selling US securities to buy Yen, potentially adding yield pressures to an already sensitive Treasury market.
International bond markets also weakened, with the Japanese yen coming under renewed pressure. The US Treasury was scheduled to buy back up to $6 billion in bonds maturing in roughly 20 to 30 years as part of its expanded program aimed at improving liquidity in long-dated debt markets.