Bitcoin Price Volatility Rises with US Treasury Yields and Rate-Hike Expectations

The Bitcoin price is experiencing volatility due to rising US Treasury yields and rate-hike expectations. The 10-year Treasury yield has pushed above 5%, its highest print since 2007, causing risk assets to decline. This includes stocks, bonds, gold, and Bitcoin, with the latter trading at around $83,000, down 0.5% over 24 hours.

The S&P 500 and Nasdaq Composite also fell by 0.8% and 0.9%, respectively, as traders raised bets on another Fed rate hike. The US spot Bitcoin ETFs experienced net outflows of $23.8 million despite BlackRock's ETHA pulling in $50.37 million.

Experts point to the macroeconomic environment as a key driver of this market movement. With bond yields at multi-decade highs, cash and Treasuries are becoming increasingly competitive against Bitcoin, leading to repricing across risk curves.