Analysis: Bitcoin "Less Sensitive" to U.S. Treasury Yields; Hard Asset Attributes May Surpass Gold

According to TechFlow, on September 7, CoinDesk reported that as concerns over the fiscal conditions of developed economies intensify, gold and Bitcoin have recently strengthened in tandem. To date, the 90-day correlation coefficient between BTC and daily gold returns has risen to 0.59, marking its highest level since 2020.

However, compared to gold, Bitcoin appears more "immune" to bond market volatility. Data shows that the 90-day correlation coefficient between BTC and the yield on U.S. 10-year Treasury bonds is only -0.17, indicating that rising U.S. Treasury yields have had a relatively limited negative impact on Bitcoin; during the same period, the correlation coefficient between gold and the 10-year U.S. Treasury yield was -0.41. Analysts believe this indicates that Bitcoin is less tightly bound to bond market dynamics than gold, and amid rising expectations of fiscal risks and financial repression, its "hard asset" attributes may stand out more prominently.