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BREAKING: Bitcoin pulls back to $84,000 as bond yields fly higher

Bitcoin's rally just ran into the one market bigger than crypto.

The 10-year US Treasury yield jumped about 18 basis points on Wednesday to 5.127%, its highest level since 2007.

(That's what the US government pays to borrow for ten years, and it sets the price of money for almost everything else.)

Schwab's Kevin Gordon called it the biggest move in the 10-year since the tariff shock of April 2025.

Bitcoin got turned back near $87,000 and slid to around $84,500, and about $280 million of leveraged longs were wiped out in four hours on the way down.

A manufacturing survey came in far hotter than forecast, a five-year Treasury auction drew weak demand, and the dollar climbed to its strongest level since late July.

Stocks took the hit too, with the Nasdaq down 1.15%, so Bitcoin fell alongside everything else that runs on cheap money.

The buying underneath hasn't gone anywhere.

Spot Bitcoin ETFs pulled in $1.7 billion over two days this week, and a 2% dip barely dents a week that's still up more than 10%.

But when the Fed hiked last week, we said money staying tight into 2027 would be harder to trade around than any oil spike.

A 5% yield on the safest asset in the world is that pressure showing up in the price.

Every notch higher makes a guaranteed return look better next to a volatile coin.

Strive board member James Lavish read the selloff another way, pointing to "a collapse of investors willing to accept current yields."

Higher yields also mean a fatter interest bill on US debt, and that's the debasement case Bitcoin bulls have leaned on for years.

So the bond selloff knocking Bitcoin down this week also feeds the argument for owning it over the next decade.

The ETF money betting on that decade is still arriving, but with the 10-year above 5%, it's buying into a headwind. 🚀

Something is being built inside Tesla's facilities that almost no one is talking about — yet.

According to insider sources, Elon Musk has quietly developed a breakthrough product he claims will be "10x bigger than the largest product in history." The target launch date is July 22. And when it drops, the window to position quietly will already be closing.

Most investors will hear about this after the stock has moved. You don't have to be one of them. Our analyst named 3 stocks positioned to ride the launch — with entry guidance, price targets, a bonus 4th supply-chain pick, and a 3-phase playbook for when to buy, add, and take profits.

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Cathie Wood thinks the market can keep climbing even as interest rates keep rising.

She's the founder and CEO of ARK Invest and one of the most closely followed growth investors in the world.

Here's what she posted:

The usual script says higher rates are poison for anything priced on future growth, and that's exactly how Bitcoin and the Nasdaq traded on Wednesday.

Wood's latest investor letter argues rates can rise because the economy is getting stronger, while AI keeps pushing the cost of doing things lower and holds inflation down.

ARK expects real GDP growth to run at 7-8% a year over the next five years, a pace the US hasn't seen in decades.

The letter lines today up with the 1980s and 1990s, when rates were high, the headlines were grim, and stocks went on to one of the longest bull runs on record.

That's the "wall of worry" (a market that keeps grinding higher while the list of reasons to sell keeps growing).

She's even calling for an inverted yield curve, where short-term rates sit above long-term ones, which is usually read as a recession warning, and she expects it to arrive alongside a boom.

Bitcoin has spent this month trading like a rates asset, dropping when the price of money climbs.

If Wood is right, rising yields would be a symptom of growth, and the assets riding the technology wave (Bitcoin is one of ARK's biggest convictions) would get the growth without the inflation.

It's a big call against a Fed that's still projecting tight money into 2027.

Wood's bet is that a 5% yield is one more worry on the list, and markets climbed a list just like it through the '80s and '90s. 🧗

Today we'll be checking in on the amount of Ethereum available for sale on exchanges.

Here's how to interpret this metric:

14.813 million ETH on exchanges. Down from 14.908 million two weeks ago.

The drain kept going, just at a gentler pace.

Roughly 95,000 ETH left exchanges this fortnight, down from the 152,000 that walked the print before, yet still enough to carve another fresh low.

Coins leaving exchanges means less supply sitting ready to sell, and even a slower outflow tightens the tradeable float by about 0.6% in two weeks.

Stack the last three prints together and close to 300,000 ETH has come off exchanges in six weeks.

At 14.81 million, the balance is the lowest it has ever been, on a chart that has spent the whole year making new ones.

The pace eased, but the direction hasn't wavered once. 💧

BitMEX ends crypto trading, keeps withdrawals open after closure. The exchange stopped trading and deposits at 4:00 UTC on Wednesday after 11 years, and API withdrawals switch off on Sept. 28.

Borrow Against Your Bitcoin at a Fixed Rate: Coinbase Expands Morpho Loans. Borrowers can now lock in both the rate and the repayment date on USDC loans, alongside Coinbase's variable-rate loans topping $1.4 billion.

Crypto economy fell just 1.6% in 12 months despite $2.1 trillion market cap rout, Chainalysis says. Measured activity slipped to $9.4 trillion in the year to June 30, while cross-border stablecoin flows rose 77.5% to $220.3 billion.

MoonPay to acquire SEC-registered North Capital in $60 million all-stock deal. The deal adds North Capital's SEC broker-dealer and transfer registrations and roughly $9 billion of processed volume to MoonPay's tokenization push.

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