BTC may be more sensitive to U.S. Treasury market than Fed rate policy

BTC may be more sensitive to U.S. Treasury market than Fed rate policy

Bitcoin may be more affected by the U.S. Treasury market than by Federal Reserve rate policy, crypto asset manager CoinShares said on Oct. 8. CoinShares said the U.S. 10-year Treasury yield has risen above 5.3% and the 30-year yield above 5.7%, approaching their highest levels in decades. It said if rising long-term yields reflect concerns about U.S. fiscal health rather than economic growth, BTC could draw attention as an alternative to fiat currencies. CoinShares added that digital-asset investment products have seen about $11.1 billion in net inflows since mid-July, but inflows have slowed sharply this week. It said it remains unclear whether the shift in BTC investment demand is being reflected in actual fund flows and that fund inflows and outflows should be monitored over the coming weeks.