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Bitcoin held up as Treasury yields surged to 5.34%

US spot Bitcoin ETFs pulled in about $6.3 billion in the third quarter, while Ethereum ETFs drew about $3.0 billion, despite higher borrowing costs.

Reported · Written up by our desk · Market Structure

CryptoSlate reports the US 10-year Treasury yield reached 5.34% on Oct. 1, the highest level since 2002, capping a third quarter in which yields rose by almost 90 basis points.

During that same three month period, Bitcoin gained about 43% and Ethereum rose about 71%, with Bitcoin trading in the mid-$80,000s.

CryptoSlate points to ETF demand as a key offset to higher rates, saying US-traded spot Bitcoin ETFs drew about $6.3 billion in the third quarter and Ethereum ETFs brought in about $3 billion.

The outlet also cited an updated Citi view, raising its 12-month Bitcoin forecast to $113,000 from $82,000, while noting that although higher yields remained a headwind, other demand sources outweighed it in the quarter.

Latest closeBitcoin $86,431.95 ▲1.9%|Ethereum $2,736.83 ▲1.2%

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