Bitcoin slips near $77K as 30-year yield hits 19-year high

Bitcoin traded near $76,800 on Tuesday, down about 0.5% over 24 hours and roughly $5,000 below where it sat late last week, as a fresh surge in long-dated U.S. Treasury yields hammered risk assets across the board. The 30-year yield jumped to 5.186% — its highest level since 2007 — while the benchmark 10-year climbed to 4.66% and the rate-sensitive 2-year hit 4.11%, both peaks not seen since February 2025. The 30-year has now added 20 basis points this month and more than 50 basis points since the Iran war began in late February.

Why it matters

Rising bond yields lift the return on "safe" government debt and force investors to demand more compensation for taking risk elsewhere. That dynamic is now bleeding into every risk asset — stocks fell for a third straight session, led by the Nasdaq's 1.25% drop, and the move isn't isolated to the U.S.: Japanese and U.K. yields are spiking in tandem, pointing to financial tightening across the advanced world. Rising yields also raise borrowing costs across the economy, hurting future corporate profits and reinforcing the case for staying in cash and Treasuries. Crypto analysts had warned earlier this month that the move in yields could weigh on BTC; that warning is now playing out in real time, with the market unable to find a bid near $77K.

Market impact

Crypto-related equities opened mixed — Coinbase (COIN) and eToro (ETOR) posted modest gains while Robinhood (HOOD), Gemini (GEMI) and most miners traded lower, with Cleanspark (CLSK) a rare miner gainer, up roughly 2%. The standout single name was Bakkt (BKKT), which surged 19% in early trading after filings showed director Michael Alfred's investment vehicle bought about $4.85 million of company shares; the stock changed hands near $10 after closing Monday at $8.72, though it remains far below its 52-week high of $49.79. The insider bid comes as Bakkt pivots deeper into stablecoin payments and digital-asset infrastructure following its acquisition of Distributed Technologies Research, even as the company reported Q1 revenue of $243.6 million — down from $1.07 billion a year earlier — alongside an $11.7 million net loss.