Bitcoin rises despite record-high bond yields

According to data from CryptoQuant, Bitcoin is showing signs of decoupling from traditional macroeconomic indicators. Despite U.S. Treasury yields (5-year, 10-year, 30-year) remaining at historically high levels and the U.S. Dollar Index (DXY) experiencing strong volatility — factors that typically cause risk assets like crypto to decline — BTC continues its upward trend.

Normally, when both DXY and bond yields rise, the crypto market tends to fall as capital flows out of risk assets. Conversely, when those indicators weaken, expectations of looser monetary policy tend to drive money back into the market.

However, the current cycle is showing a divergence: Bitcoin is rising even as yields remain elevated. This suggests BTC is increasingly being viewed as a store of value, rather than just a speculative asset sensitive to macro volatility.