BlockBeats reported on June 15 that CryptoQuant analyst Darkfost has observed a significant shift in how macroeconomic factors are influencing the cryptocurrency market. Traditionally, investors closely monitor indicators such as the $USDC Index (DXY) and $USDC Treasury yields, as rising values in both typically signal a move away from risk assets like Bitcoin, often triggering market pullbacks.

Historically, crypto bear markets have coincided with rising yields and a strong DXY. Conversely, when these indicators lose steam—often amid expectations of Fed rate cuts or monetary easing—risk appetite returns, boosting crypto prices.

However, in the current cycle, a notable decoupling has occurred: despite U.S. Treasury yields reaching historically high levels, Bitcoin has continued its upward trajectory, often gaining momentum during DXY declines. This divergence suggests a structural shift in Bitcoin's role within the macroeconomic framework, as it is increasingly being viewed not just as a speculative asset, but as a store of value. This evolving narrative may reshape how Bitcoin responds to traditional macroeconomic forces going forward.