Bitcoin's Sensitivity to U.S. Treasury Yields Lower than Gold

Analysis indicates that against the backdrop of rising global bond yields due to fiscal concerns, the correlation between Bitcoin and gold has continued to rise, with a 90-day yield correlation coefficient reaching 0.59, the highest level since 2020. Bitcoin shows a stronger independence in its sensitivity to changes in the U.S. 10-year Treasury yield. Data shows that the 90-day correlation coefficient between BTC and the U.S. 10-year Treasury yield is -0.17, while gold's correlation coefficient is -0.41, indicating that rising bond yields exert a more pronounced suppressive effect on gold. This suggests that Bitcoin has a lower degree of linkage to the traditional bond market and may possess a stronger decoupling ability in adverse conditions such as rising yields in traditional financial markets. However, changes in correlation do not imply that Bitcoin can completely avoid macroeconomic risks.

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