Bitcoin exhibits lower sensitivity to U.S. Treasury yields than gold, suggesting stronger "hard asset" characteristics.

Huoxing Finance reports that on September 7, analysis indicated that amid fiscal concerns driving up global bond yields, the price correlation between Bitcoin and gold has continued to rise, with their 90-day yield correlation coefficient reaching 0.59—the highest level since 2020. However, in terms of sensitivity to changes in the U.S. 10-year Treasury yield, Bitcoin has demonstrated greater independence. Data shows that Bitcoin’s 90-day correlation coefficient with the U.S. 10-year Treasury yield is only -0.17, compared to -0.41 for gold, suggesting that rising bond yields exert a more pronounced downward pressure on gold. This indicates that Bitcoin has weaker linkage with traditional bond markets and may exhibit stronger decoupling capabilities during adverse conditions in traditional financial markets, such as rising yields. Nevertheless, changes in correlation do not imply that Bitcoin can fully avoid macroeconomic risks.