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

According to data, the US Treasury yield spread has widened to its highest level since 2021, leading the market to become more cautious about the prospects of 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 pressure mainly concentrated on long-term government bonds. Rising long-term yields will increase the opportunity cost of holding non-yielding assets, thereby weakening the attractiveness of high-beta risk assets such as stocks and Bitcoin. Additionally, the relative strength of gold is seen as another headwind for Bitcoin. Mike McGlone, a strategist at Bloomberg Intelligence, 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 returning to key psychological levels such as $100,000. (CoinTelegraph)