Digital asset funds have accumulated $11.1 billion in inflows since mid-July, but recent momentum has slowed due to market uncertainty rather than weakening fundamentals, according to CoinShares Head of Research James Butterfill. The U.S. 10-year Treasury yield has climbed above 5.3% and the 30-year yield to 5.7%, reaching multi-decade highs as the probability of an October Fed rate hike dropped from 71% to 23%.
Butterfill asserts that bond market dynamics now carry more weight than Federal Reserve policy for crypto assets. He suggests that any future Bitcoin breakout will likely be driven by fiscal logic rather than interest rate expectations, signaling a shift in the macroeconomic factors influencing digital asset performance.
CoinShares: Bond Yields, Not Fed Policy, Now Key Driver for Bitcoin Breakout
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