US 30-Year Treasury Yield Tops 5.3%, Squeezing Risk Assets

The 30-year US Treasury yield is a key benchmark for long-term borrowing and global asset valuations, influencing mortgages, corporate financing and investors’ required returns. Its rise toward levels last seen before the global financial crisis increases the appeal of risk-free government debt and raises the opportunity cost of holding non-yielding assets such as Bitcoin, tightening financial conditions and weighing on risk appetite.

The 30-year yield climbed above 5.2%, its highest level since 2007 and a near 19-year peak. Pressure intensified after three Federal Reserve officials made an unusually coordinated case for higher interest rates, reinforcing expectations that policy could remain restrictive or tighten further. The combination of a Treasury selloff and hawkish Fed signals pushed Bitcoin below the $80,000 threshold as investors cut exposure to risk assets.

U.S. Treasury yields reflect risk-free dollar returns and broader financial conditions. When long-term yields rise, so does the opportunity cost of holding non-yielding assets such as Bitcoin. Crypto firm sFOX and Indian exchange Giottus said the Federal Reserve’s restrictive stance and a stronger dollar could steer capital toward bonds and weigh on crypto valuations.

The U.S. 30-year Treasury yield rose to 5% on April 30, its highest level since July 2025, while Bitcoin fell 2% to $75,670. On May 15, the two- and 10-year yields climbed to 4.05% and 4.5%, respectively. Bitcoin traded at about $81,000, remaining below its 200-day moving average of $82,000. Dogecoin, meanwhile, gained nearly 10% in a week to $0.105. Coinglass data showed its futures open interest reached 15.36 billion coins, a year-to-date high.