Analysis: Widening US Treasury Spread Weakens Attraction of High-Beta Assets, Bitcoin's Return to $100,000 May Become More Difficult

Odaily According to data, the US Treasury yield spread has widened to its highest level since 2021, leading to increased market caution towards risk assets, including Bitcoin. David Roberts, Head of Fixed Income at Nedgroup Investments, stated that persistently rising yields will exert pressure on global stock markets, with the main impact concentrated on long-term bonds. The rise in long-term yields will increase the opportunity cost of holding non-yielding assets, thereby weakening the appeal of high-beta risk assets such as stocks and Bitcoin. Furthermore, the relative strength of gold is also seen as another headwind for Bitcoin. Bloomberg Intelligence strategist Mike McGlone noted that gold is undergoing a "historic alpha capture," attracting capital inflows even as long-term US Treasury yields rise. If investors continue to favor low-volatility store-of-value assets, Bitcoin may face greater difficulty in reclaiming key psychological thresholds like $100,000. (CoinTelegraph)