This chart shows a changing backdrop for Bitcoin: the US 10-year Treasury yield rose from 4.19% on 2 January to 5.13% on 21 October.

That is a nominal Treasury yield, not the Fed’s policy rate or an inflation-adjusted return.

My interpretation: higher yields change the comparison investors make between risky assets and government debt.

Uncertainty: this chart alone cannot explain Bitcoin’s price moves or establish which factor drove yields higher.

What evidence would distinguish a temporary yield shock from a lasting change in Bitcoin’s macro backdrop?