【Has Bitcoin Decoupled from Yields? A Quiet Shift in Macro Narratives】
In traditional financial logic, when the US Dollar Index (DXY) and US Treasury yields rise simultaneously, the cost of funds becomes more expensive, and risk appetite decreases, leading to a decline in risk assets (such as Bitcoin).
However, this round of market activity has shown abnormalities.
Even though US Treasury yields are at historical highs and global liquidity is tightening, Bitcoin has not only not fallen but has instead risen continuously. Whenever DXY declines, Bitcoin's upward momentum seems even stronger. The signals behind this are intriguing:
> Bitcoin's "identity recognition" is changing.
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🧠 Is traditional logic failing?
Historical experience tells us:
Rising yields and DXY → Funds flow out of risk assets
Federal Reserve shifts to dovish stance, yields decline → Funds flow back to risk assets (cryptocurrency rises)
But now, even if yields have not significantly declined, the market chooses to believe in Bitcoin. This is a form of "decoupling" from traditional financial rules and a re-evaluation of narratives.
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🪙 Has Bitcoin become a new store of value?
More and more institutions and seasoned investors no longer simply view Bitcoin as a "high-volatility risk asset," but rather as a store of value that can withstand fluctuations in monetary policy, even likening it to "digital gold."
This is not a coincidence in price performance but a shift in narrative dominance.
When narratives change, valuation models, volatility logic, and market beliefs will also fundamentally change.
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📌 Conclusion
What you see now is that Bitcoin is no longer just a speculative asset.
It reflects anxieties about the monetary system, asset pricing, and liquidity.
> In an era where the global trust crisis has not yet been resolved, Bitcoin's "value" is no longer just about price, but a form of off-system option.
This decoupling is not just an abnormal phenomenon; perhaps it is a preview of the future.