Bitcoin (BTC) is entering what former BitMEX CEO Arthur Hayes calls “up only mode,” as a deepening crisis in the US bond market potentially drives investors away from traditional haven assets and toward alternative stores of value.
Loss of confidence in US policy boosts Bitcoin’s upside prospects
On April 11, the benchmark US 10-year Treasury yield surged above 4.59%—its highest level in two months.
US 10-year Treasury note yields daily performance chart. Source: TradingView
The $29 trillion US Treasury market has dropped more than 2% this week — its steepest decline since September 2019, when a liquidity crunch in the repo market forced the Federal Reserve to intervene.
US President Donald Trump’s unpredictable tariff announcements and reversals have fueled the chaos. After threatening sweeping levies on global trading partners, Trump walked back many of the measures within days