Despite bond yields hitting all-time highs, Bitcoin continues to rise

According to data from CryptoQuant, Bitcoin is showing signs of decoupling from traditional macroeconomic factors. Despite U.S. Treasury yields (5-year, 10-year, 30-year) being at historical highs, while the U.S. dollar index (DXY) fluctuates significantly — factors that usually lead to a decline in crypto assets — BTC still maintains an upward trend.

Typically, when DXY and bond yields rise in tandem, the crypto market tends to decline as funds flow out of risk assets. Conversely, when these two indicators weaken, expectations for loose monetary policy encourage funds to flow back in.

However, the current cycle shows divergence: even with yields remaining high, Bitcoin continues to rise. This indicates that BTC is increasingly being viewed as a store of value asset, rather than merely a speculative tool sensitive to macro fluctuations.