Why Isn’t the Market Rising? While Bitcoin remains around $60,000, there’s no broad market collapse—capital is simply becoming more selective. The 10-year U.S. Treasury yield is at 4.67%, creating a significant opportunity cost for new capital entering high-volatility, non-cash-flow-generating assets like Bitcoin. Spot Bitcoin ETF flows are not entirely broken, but neither is there consistent or strong demand. Thus, marginal buyers capable of pushing the price significantly higher are not yet clearly visible. Meanwhile, the S&P 500, Nasdaq 100, and U.S. financial sector ETFs are trading near their peaks. The issue is not a broad “risk-off” sentiment, but rather weakening capital allocation to crypto amid higher interest rates. In short, the main pressure on Bitcoin is not solely a liquidity crisis: elevated Treasury yields, fluctuating ETF flows, and cautious risk appetite are all acting simultaneously. For research and analysis purposes only; not investment advice.