The 10-year US Treasury yield recently exceeded 5.35%, while the 30-year yield reached approximately 5.7%, marking the highest levels since 2002. This shift in the bond market has increased pressure on Bitcoin, which fell below $82 000. Analysts at Bitunix suggest that rising yields make government bonds more attractive than non-interest-bearing assets like cryptocurrencies.
During the week of October 3–9, the broader crypto market faced significant declines. Bitcoin dropped 3.80%, Ethereum fell 8.39%, and XRP lost 7.09%. Among the top 300 cryptocurrencies tracked by the exchange, only 20% recorded gains, with a median weekly return of -5.18%. DeFi tokens were particularly affected, as UNI declined 18.37% and CAKE dropped 15.92%.
Despite the general downturn, some assets showed volatility. The SAND token rallied 57.71%, which Bitunix attributes to trading sentiment rather than project fundamentals. Meanwhile, commodities saw growth, with gold reaching $4 200 and Brent crude rising above $100 per barrel.
Market participants are now focused on the US Consumer Price Index report scheduled for October 14. Expectations suggest an annual inflation rate of 3.6%, compared to the previous 3.4%. Higher inflation figures could lead to sustained high interest rates, potentially driving Treasury yields further up and maintaining pressure on speculative assets.
