Bond Market Stress Spills into Crypto, But Whales Keep Buying
The bond market is causing some stress for crypto investors. The MOVE index, which tracks expected volatility in the Treasury market, jumped 21% to above 95 on Thursday, its highest level since April.
The 10-year and 30-year Treasury yields have also reached multi-decade highs: 5.116% and 5.419%, respectively, levels not seen since 2007 and 2004.
This bond market stress spilled into crypto, with Bitcoin (BTC) falling 2.5% to $83,500 over 24 hours, Ethereum (ETH) down around 3%, Solana (SOL) also lower by about 3%, and XRP dropping 7.5%.
However, whale wallets are still accumulating during this pullback. According to Santiment, Bitcoin wallets holding 100 to 1,000 BTC have added 113,950 BTC since July 15, growing their collective holdings by 2.22% to roughly 5.24 million BTC.