Bitcoin
Bitcoin fell below $84,000 as a sharp rise in U.S. Treasury yields added pressure across crypto markets, with higher borrowing costs and stronger economic data reducing the appeal of non-yielding assets. Bitcoin traded near $83,900, down more than 2% over 24 hours after briefly approaching $87,300.
The broader crypto market also weakened. Dogecoin led the decline among major tokens, falling about 7% to just above $0.09, while Zcash, XRP and Hyperliquid's HYPE token lost between 5% and 6%. Ether, Solana and BNB declined 2% to 3%, while TRX remained roughly unchanged.
The move coincided with a sharp repricing in U.S. rates. The 10-year Treasury yield closed at 5.11%, rising 15 basis points in a single day and reaching its highest level since 2007. A stronger economic backdrop contributed to the pressure, with S&P Global's flash U.S. composite output index reaching 58.4, its highest reading since July 2021. Bitcoin's steepest decline followed the release of the business survey.
The rise in yields also came as the Treasury sold $70 billion of five-year notes. The auction cleared at 5.033%, the highest yield for the maturity since 2006, and around 3 basis points above the pre-auction market level, indicating that buyers required additional yield to absorb the debt.
For crypto markets, higher government bond yields raise the opportunity cost of holding assets such as bitcoin that do not generate a native yield. Higher financing costs can also increase pressure on leveraged positions, potentially amplifying downside moves when risk appetite weakens.
Bitcoin's move below $85,000 also puts the market near a level highlighted by Ledn co-founder Mauricio Di Bartolomeo, who identified a large block of call options around that strike ahead of Friday's roughly $14 billion Deribit expiry. With Treasury yields elevated and a large options expiry approaching, traders may focus closely on whether bitcoin can stabilize below $85,000 or reclaim the level as macro pressure persists.
