On Thursday, Bitcoin (BTC) experienced a volatile session, briefly dipping below $83,000 before stabilizing around $84,500. This fluctuation occurred as the yield on the 10-year US Treasury note surged to its highest level since 2007, reaching 5.18%.
Despite the pressure from rising bond yields, Bitcoin has managed to extend its rally from August, defying bearish predictions associated with its traditional four-year cycle. Meanwhile, the 30-year Treasury yield also climbed to 5.46%, marking a significant rise in government bond attractiveness.
In contrast, Ondo Finance's token (ONDO) emerged as a standout performer, reclaiming the $0.50 mark for the first time since December 2025. This surge coincided with the launch of BlackRock-backed Ondo Intelligent Portfolios on Ethereum and BNB Chain, which allows non-US users to invest in diversified portfolios.
The recent developments in the bond market have also impacted international currencies, with the Japanese yen facing renewed pressure. Analysts note that Japanese foreign exchange interventions could further influence US Treasury yields, adding to the complexities of the current financial landscape.
As the crypto market reacts to these macroeconomic factors, both Bitcoin and ONDO are navigating a challenging environment, showcasing resilience amid rising yields and shifting investor sentiment.