The 10-year U.S. Treasury yield climbed to around 5.24-5.25%, marking its highest level since 2007. Rising oil prices combined with stronger-than-expected economic data are driving expectations of sticky inflation, just ahead of critical PCE and GDP data releases that could further influence the Fed's rate path.
What it moves
Bull vs bear
Bulls see the move as a classic risk-off signal that could accelerate institutional inflows into Bitcoin as a non-yielding hard asset once yields peak. Bears argue higher real yields will continue to pressure liquidity-sensitive crypto markets, keeping BTC and altcoins range-bound or lower until the inflation narrative decisively shifts.