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BTC The yield on 30-year U.S. Treasury bonds exceeds 5% Bitcoin and risky assets are under pressure
In a recent auction of 30-year U.S. Treasury bonds, the yield reached 5.06%. This result has brought the issue of rising long-term U.S. borrowing costs back into the focus of the market. Specifically, as investors prepare for the Federal Reserve's next policy meeting, some market observers are again concerned about how the tightening monetary environment will affect Bitcoin and other risky assets.
Treasury yields hit new high since 2007
The 5.06% yield is the highest at a 30-year Treasury auction since 2007, reflecting how expensive it has become for the U.S. government to finance growing debt. In addition, the 30-year Treasury yield has rebounded above 5%, but is below the peak of 5.20% hit on May 20, which was also its highest since July 2007.
For comparison, the auction yield of treasury bonds with the same maturity in early 2022 is about 2%. This suggests that the U.S. government must now pay higher interest rates to attract buyers due to the increased supply of Treasurys, rising inflation risks and growing borrowing demand. Market commentators point out that the AI investment boom is also posing an additional source of pressure, as technology companies issue record amounts of debt to invest in AI infrastructure and are competing with the government for the same pool of funds. "The U.S. debt crisis is intensifying." The comment wrote.
At the same time, analysts view this trend as a structural headwind for Bitcoin and risky assets, arguing that a higher discount rate will compress the valuation of the entire risk curve, while yields above 5% make speculative allocation more difficult to rationalize. The analyst described the fiscal situation as a double-edged sword: rising debt costs could eventually push the Fed to a dovish stance, but the short-term signal is that "markets are turning to risk aversion due to deteriorating sovereign credit." They also pointed out that the peak of 5.20% hit in May was a key observation point that, once exceeded, would usher in a new phase of long-term high interest rates.
Bitcoin's latest trading price was above US$64,000, down 1.3% in 24 hours, but still rose 1.7% in the past week and 1.2% in two weeks. The 30th change was almost flat at 0.4%, with Bitcoin's market value at approximately US$1.284 trillion. The trading price of this original cryptocurrency is about 49% lower than the all-time high of more than US$126,000 set on October 6, 2025.
Federal Reserve meeting becomes focus of cryptocurrency market
Treasury yields per se will not alone determine the direction of Bitcoin, and this change in the bond market occurred during a week when U.S. economic data was relatively light. Investors are focusing on weekly jobless claims, purchasing managers 'index reports and quarterly earnings reports from Alphabet and Tesla, followed by the Federal Reserve's July 29 meeting.
In addition, the Fed's observation tool currently shows an 86% probability that policymakers will keep interest rates unchanged. As previously reported, an unexpected interest rate hike may trigger a sell-off in the cryptocurrency and stock markets, as the market has basically absorbed the result of unchanged interest rates.
That being said, the return to 5% in long-term borrowing costs is undoubtedly another macro factor that investors need to pay attention to. As the Federal Reserve's decision approaches and bond yields remain at multi-year highs, unexpected changes in any market could quickly spread to cryptocurrency trading.
