Key Takeaways:
Bitcoin has historically declined during periods of rising U.S. Treasury yields and U.S. dollar index (DXY) strength.
In the current cycle, BTC is rising despite record-high yields, indicating a potential structural shift.
Analysts say Bitcoin is increasingly behaving as a macro store of value rather than just a risk-on asset.
According to PANews, crypto analyst Darkfost observes that Bitcoin has begun decoupling from U.S. Treasury yields, a dynamic that may reflect a structural change in its macroeconomic role.
Traditionally, rising yields and a strengthening U.S. dollar index (DXY) triggered capital outflows from risky assets, including cryptocurrencies. Bitcoin often fell during such conditions, aligning with broader risk-off sentiment.
However, in the current cycle, Bitcoin has climbed despite all-time highs in Treasury yields, with the rally accelerating as the dollar weakens.
From Risk Asset to Macro Hedge?
“This unusual behavior suggests Bitcoin is starting to act more like a store of value,” said Darkfost. “It could signal a redefinition in how it responds to traditional macro forces.”
The shift comes as expectations of Federal Reserve rate cuts and waning dollar strength continue to support risk appetite—yet Bitcoin's resilience during tighter conditions points to growing investor confidence in its long-term structural role in global portfolios.
