Bitcoin is trading in a range defined less by crypto sentiment than by the U.S. Treasury market and oil prices. The question worth asking is whether this reflects a temporary macro overhang or a durable shift in how Bitcoin is priced.

Bitcoin is holding near USD 78,000 as global bond yields push toward multi-decade highs, forcing a fundamental question about what kind of asset it has become. Is the tightening relationship between Bitcoin and gold a signal of maturity, or a warning that crypto's uncorrelated premium is quietly eroding?

Treasury yields are climbing and the effects are being felt across markets. What does this mean for investors?