Bitcoin Stuck at $63,951 as Treasuries Offer Better Returns

The Bitcoin price has been stuck at around $63,951 on July 29, 2026, as investors struggle to break out of a stagnant market. The lack of movement in this range suggests that buyers are waiting for lower prices, while sellers are thinning out above current levels.

According to Glassnode, the impact of Treasuries offering better returns is clear: Bitcoin's futures basis has underperformed Treasuries since February, an unusual and bearish signal for the broader market. The U.S. 2-year Treasury yield has been sitting above the Federal Funds Rate since April, recently hitting its widest margin since November 2022.

The yield disparity is draining liquidity from the crypto market. Institutions that traditionally fueled crypto's leverage, depth, and volume have little incentive to stay engaged when low-risk sovereign debt offers better returns. The lack of activity highlights waning interest, especially as U.S. Treasuries offer more attractive returns than crypto carry trades for only the second time in history.