10-Year Yield Falls and Bitcoin Bounces Back: Correlation or Coincidence?

Bitcoin (BTC) rebounded about 3% from a sub-$80,000 low Thursday as the 10-year yield fell 13 basis points. Traders now ask whether lower Treasury yields lifted Bitcoin or both simply moved together. The rebound began hours before Treasury ran a scheduled bond buyback, a program it calls liquidity support. Bitcoin was back above $82,000 by noon in New York, CoinGecko data shows. Has Bitcoin Been Tracking the 10-Year Yield? The 10-year yield fell to a low of 5.06% early Thursday, down 0.13 percentage points. The Producer Price Index (PPI), a wholesale-price gauge, rose 1.3% in September. That was the biggest monthly gain since March 2022, CNBC reported. Investors sold technology shares for the safety of bonds. US chip stocks had lost $1.64 trillion over six sessions.

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