According to BlockBeats news on June 15, Cryptoquant analyst Darkfost released a market analysis stating that macroeconomics has become the dominant narrative in today's cryptocurrency market. As a result, key indicators such as the dollar index (DXY) and U.S. Treasury yields are now closely monitored by investors, reflecting the overall state of institutional sentiment and global liquidity. When the DXY and bond yields rise simultaneously, capital tends to flow out of risk assets. In this environment, Bitcoin typically experiences a correction. Historically, bear markets in cryptocurrencies have often coincided with strong upward trends in yields and the DXY.
Conversely, when the DXY and yields lose momentum, investors' risk appetite shifts towards risk assets. These periods are often associated with monetary easing or market expectations of interest rate cuts by the Federal Reserve, which drives bullish sentiment in the crypto market. Notable in the current cycle is the unusual decoupling between Bitcoin and bond yields. Despite yields reaching one of the highest levels in Bitcoin's history, Bitcoin continues to trend upwards, especially accelerating when the DXY declines. This anomaly suggests a structural change in Bitcoin's role within the macroeconomic landscape, with Bitcoin increasingly viewed as a store of value. This new narrative may be redefining how Bitcoin responds to traditional macroeconomic forces.
