On June 15, Cryptoquant analyst Darkfost released a market analysis saying that macroeconomics has become the dominant narrative in today's cryptocurrency market. As a result, key indicators such as the US Dollar Index (DXY) and US Treasury yields are now closely watched by investors, reflecting institutional sentiment and the overall state of global liquidity. When DXY and bond yields rise at the same time, capital tends to be withdrawn from risky assets. In this environment, Bitcoin usually experiences a pullback. Historically, bear markets in cryptocurrencies have tended to coincide with strong uptrends in yields and DXY. Conversely, when DXY and yields lose momentum, investors' risk appetite shifts to risky assets. These periods are often associated with monetary easing or the market's expectation of a rate cut by the Federal Reserve, driving bullish sentiment in the crypto market. What stands out in the current cycle is the unusual decoupling between Bitcoin and bond yields. Despite yields reaching one of the highest levels in Bitcoin's history, Bitcoin continues its upward trend, especially when DXY falls, which tends to accelerate its rise. This anomaly is indicative of a structural shift in Bitcoin's role in the macroeconomic landscape, with Bitcoin increasingly being seen as a store of value. This new narrative may be redefining the way Bitcoin reacts to traditional macroeconomic forces.
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Analysis: BTC has unusually depegged from US Treasury yields, signaling a structural shift in its role within the macroeconomy.
On June 15, Cryptoquant analyst Darkfost released a market analysis saying that macroeconomics has become the dominant narrative in today's cryptocurrency market. As a result, key indicators such as the US Dollar Index (DXY) and US Treasury yields are now closely watched by investors, reflecting institutional sentiment and the overall state of global liquidity. When DXY and bond yields rise at the same time, capital tends to be withdrawn from risky assets. In this environment, Bitcoin usually experiences a pullback. Historically, bear markets in cryptocurrencies have tended to coincide with strong uptrends in yields and DXY. Conversely, when DXY and yields lose momentum, investors' risk appetite shifts to risky assets. These periods are often associated with monetary easing or the market's expectation of a rate cut by the Federal Reserve, driving bullish sentiment in the crypto market. What stands out in the current cycle is the unusual decoupling between Bitcoin and bond yields. Despite yields reaching one of the highest levels in Bitcoin's history, Bitcoin continues its upward trend, especially when DXY falls, which tends to accelerate its rise. This anomaly is indicative of a structural shift in Bitcoin's role in the macroeconomic landscape, with Bitcoin increasingly being seen as a store of value. This new narrative may be redefining the way Bitcoin reacts to traditional macroeconomic forces.