Analysis: Widening US Treasury yield spreads weaken the appeal of high-beta assets, making it more difficult for Bitcoin to return to $100,000

According to Odaily, data shows that the US Treasury yield spread has widened to its highest level since 2021, leading the market to become more cautious about the outlook for risk assets, including bitcoin. David Roberts, Head of Fixed Income at Nedgroup Investments, stated that persistently rising yields will put pressure on global stock markets, with the main pressure concentrated on long-term government 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. In addition, the relative strength of gold is also seen as another obstacle for bitcoin. Mike McGlone, an exchange intelligence strategist, noted that gold is undergoing a "historic alpha acquisition," attracting capital inflows as long-term US Treasury yields rise. If investors continue to favor low-volatility store-of-value assets, it may become more difficult for bitcoin to return to key psychological levels such as $100,000.