Viewpoint: Bitcoin is less sensitive to changes in U.S. Treasury yields than gold, and may hold a stronger advantage as a "hard asset"

An analysis points out that against the backdrop of fiscal concerns pushing up global bond yields, the correlation between Bitcoin and gold’s price trends has continued to climb. Their 90-day return correlation coefficient currently stands at 0.59, the highest level since 2020. However, in terms of sensitivity to changes in the U.S. 10-year Treasury yield, Bitcoin exhibits stronger independence. Data shows that the 90-day correlation coefficient between BTC and the U.S. 10-year Treasury yield is only -0.17, while gold’s correlation coefficient with the same yield is -0.41, meaning rising bond yields have a relatively more pronounced suppressing effect on gold. This reflects that Bitcoin has a lower degree of linkage with the traditional bond market, and may possess stronger decoupling capability amid headwinds in traditional financial markets such as rising yields. Nevertheless, shifts in correlation do not mean Bitcoin can fully evade macro risks.