U.S. 10-year Treasury yields have pushed above 5.1%. That’s the highest level since July 2007, taking us back to levels we haven’t seen since before the Global Financial Crisis. And this is something I’m paying close attention to with Bitcoin. When you can get more than 5% from a U.S. Treasury, that gives investors a pretty strong alternative to taking risk in Bitcoin. Yields can rise for a number of reasons too. Inflation, stronger growth, higher government borrowing or expectations of higher rates for longer. But Bitcoin is still holding up. We’re seeing strong ETF demand while the 10-year is sitting at these levels, which tells me there is still serious demand for BTC despite this macro headwind. If Bitcoin can keep holding up while yields remain above 5%, I think that says a lot. But if yields stay high and ETF demand starts to fade, that could put a lot more pressure on Bitcoin and other risk assets. For now, the 10-year is one of the biggest charts I’m watching.