Just looking back at when the 30-year Treasury yield broke through 5% and it was pretty wild watching Bitcoin's reaction to that move. That kind of yield level hasn't been common, and it definitely puts pressure on risk assets like crypto.

The thing is, when Treasury yields spike like that, money starts flowing toward safer instruments. Why hold volatile assets when you can get solid returns from bonds? It's not rocket science - higher Treasury yields mean higher opportunity cost for holding Bitcoin and other alts.

What's interesting is how crypto has become more correlated with traditional markets lately. A few years back, people used to say Bitcoin was uncorrelated. Now when Treasury yields move, we see Bitcoin follow pretty closely. The macro environment matters way more than it used to.

If Treasury yields keep climbing, that's definitely something to watch. Not saying it's the only factor, but when bond yields get attractive, it's hard for speculative assets to compete. Worth keeping an eye on the yield curve if you're thinking about your Bitcoin position.