Analysis: US Treasury yield spread rises to near five-year high, potentially putting pressure on Bitcoin prices

DeepFlowTech · 2026-01-23T13:51:46+00:00

As global long-term interest rates rise, market outlooks for risk assets like Bitcoin have become cautious. The increase in long-term government bond yields raises the opportunity cost of non-yielding assets, suppressing the attractiveness of stocks and Bitcoin. Meanwhile, the strong performance of gold also puts pressure on Bitcoin, as investors may prefer lower-volatility value storage assets, making it more difficult for Bitcoin to return to $100,000.

DeepFlowTech

2026-01-23 13:51:46

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Deep Tide TechFlow News, January 23 — According to Cointelegraph, as global long-term interest rates rise and the U.S. bond yield spread widens to its highest level since 2021, market sentiment towards risk assets including Bitcoin has become more cautious. Nedgroup Investments Fixed Income Head David Roberts stated that the sustained rise in yields will put pressure on global stock markets, mainly focusing on long-term government bonds. Rising long-term yields will increase the opportunity cost of holding yieldless assets, thereby weakening the appeal of stocks and high Beta risk assets like Bitcoin. Additionally, the relative strength of gold is also seen as another obstacle for Bitcoin. Bloomberg Intelligence strategist Mike McGlone said that gold is undergoing a “historic alpha acquisition,” attracting capital inflows amid rising long-term U.S. bond yields. If investors continue to favor low-volatility store-of-value assets, the difficulty for Bitcoin to return to key psychological levels such as $100,000 may increase.

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