Bond Yields Surge, Sinking Crypto Markets as Whales Keep Buying

Bond yields have hit multi-decade highs, causing Bitcoin and other cryptocurrencies to fall. The MOVE index, which tracks Treasury market volatility, rose 21% to its highest level since April.

The 10-year yield has reached 5.116%, the highest since 2007, while the 30-year yield is at 5.419%, a high not seen since 2004. This bond market stress has spilled over into crypto, with Bitcoin down 2.5% in 24 hours and XRP lower by 7.5%.

Despite this selloff, 'whales', holders of 100 to 1,000 BTC, continue to accumulate, adding 113,950 BTC since July 15 and growing their collective holdings by 2.22% to roughly 5.24 million BTC.