Odaily Planet Daily reported that data shows the US Treasury yield spread has widened to its highest level since 2021, and the market is becoming more cautious about the outlook for risk assets including Bitcoin. Nedgroup Investments Fixed Income Head David Roberts stated that the sustained rise in yields will put pressure on global stock markets, mainly focusing on long-term government bonds. Rising long-term yields will increase the opportunity cost of holding yieldless assets, thereby weakening the attractiveness of stocks and high Beta risk assets like Bitcoin. Additionally, the relative strength of gold is also seen as another obstacle for Bitcoin. Bloomberg Intelligence strategist Mike McGlone said that gold is undergoing a “historic alpha acquisition,” attracting capital inflows amid rising long-term US Treasury yields. If investors continue to favor low-volatility store-of-value assets, the difficulty for Bitcoin to return to key psychological levels like $100,000 may increase. (CoinTelegraph)
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