Bitcoin price steadies, ONDO rallies as US Treasury yields hit 2007 highs
Bitcoin traded unevenly on Thursday as the US 10-year Treasury yield climbed to its highest level since July 2007, briefly pushing BTC below $83,000 before it steadied near $84,500. Ondo Finance's ONDO token led altcoin gains, reclaiming the $0.50 mark following the launch of BlackRock-backed Ondo Intelligent Portfolios on Ethereum and BNB Chain.
Why It Matters
Rising long-term US Treasury yields can make fixed-income assets more attractive and put pressure on non-yielding risk assets like Bitcoin, potentially affecting crypto market flows. At the same time, launches of tokenized real-world asset products backed by large institutional players may shift on-chain demand dynamics for specific tokens such as ONDO.
Key Facts
- Bitcoin intraday move: Briefly fell below $83,000, later stabilized near $84,500
- 10-year Treasury yield: Rose to 5.18%, highest since July 2007
- 30-year Treasury yield: Reached 5.46%, reclaiming 2004 highs
- Monthly change for 10-year yield: Gained about 70 basis points this month
- ONDO price milestone: Reclaimed $0.50 for the first time since December 2025
US Treasury yields climbed on Thursday, with the 10-year note reaching 5.18%—its highest level since July 2007—and the 30-year yield moving up to 5.46%, levels not seen since the mid-2000s. TradingView data showed the 10-year yield rose more than 4 basis points on the day and has advanced roughly 70 basis points so far this month. The move in long-dated yields coincided with a Treasury plan to buy back up to $6 billion in bonds maturing in about 20 to 30 years as part of an effort to improve liquidity in long-dated debt markets.
The surge in yields weighed on risk assets during US trading hours and contributed to volatility in Bitcoin. BTC briefly slipped under $83,000 before finding support and stabilizing around $84,500, unable to fully reclaim a prior intraday high near $84,500. Market observers note that higher government-bond yields can make fixed-income instruments relatively more attractive compared with non-yielding assets such as Bitcoin, a dynamic that can exert downward pressure on crypto prices.
International markets also showed signs of stress, with the Japanese yen weakening to around 159 per US dollar—near established intervention levels, according to Mohamed A. El-Erian, president of Queen’s College Cambridge. El-Erian flagged that yen weakness matters beyond Japan because FX intervention by Japanese authorities typically involves selling US securities to buy yen, a process that could add upward pressure to US Treasury yields.
Against this backdrop of rising yields, tokenized real-world-asset (RWA) token ONDO emerged as a top performer among altcoins. CoinGecko data reported ONDO reclaimed the $0.50 level for the first time since December 2025. The price move followed the launch of BlackRock-backed Ondo Intelligent Portfolios, which went live on Ethereum and BNB Chain and offer tokenized shares in diversified portfolios for non-US users, with settlement facilitated by CoW Protocol. The initial tokens track three model portfolio strategies developed by BlackRock for Ondo: BLKHIon (High Income), BLKDIGon (Diversified Growth) and BLKGRWon (High Growth).
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