Macro

The U.S. 30-year Treasury yield crossed 5% for the first time since July 2025 on Thursday morning, and bitcoin is already paying for it. BTC slid back under $76,000 as institutional capital rotates into yield-bearing dollars.

Implied volatility on bitcoin options has fallen to its lowest level since January even as March CPI is expected to hit 3.4% year-on-year, up from 2.4% in February, driven by the Iran war energy shock.