Bitcoin Slides to $83,300 as 10-Year Treasury Yield Hits 19-Year High and 30-Year Touches 22-Year High

Bitcoin fell to around $83,300 on Thursday as surging U.S. Treasury yields triggered a broad risk-off move across markets. The 10-year Treasury yield jumped 18 basis points on Wednesday to its highest level in more than 19 years, while the 30-year yield tapped a 22-year high, rattling equity and crypto markets alike. The dollar was the only major asset bid higher, rising 0.13% to 101.24, while gold fell 0.71%, silver dropped 1.18%, and Nasdaq 100 futures slid 1.04%.

Bitcoin, which had briefly recovered early Thursday, gave back those gains and was trading around $83,200 to $83,400, down roughly 1.23% since midnight UTC. Federal Reserve rate hike odds climbed to approximately 75%, adding further pressure. The U.S. Treasury also prepared a $6 billion buyback of long-dated bonds, a move that underscored ongoing stress in the long end of the curve.

Despite the short-term selloff, analysts noted a nuanced longer-term picture: Bitcoin's correlation with rising bond yields is near zero over extended periods, diverging sharply from gold, which tends to move inversely with real rates. That near-zero correlation suggests Bitcoin may offer portfolio diversification properties that differ from traditional safe-haven or risk assets, complicating conventional asset allocation frameworks. The immediate market reaction, however, treated Bitcoin as a risk asset, pulling it lower alongside equities as tighter financial conditions weighed on sentiment.