Bitcoin price steadies, ONDO rallies as US Treasury yields hit 2007 highs
US Treasury yields hit a 19-year high on Thursday, pressuring risk assets as Bitcoin held near $84,000 and ONDO became top performer among altcoins.
US Treasury yields surged to a 19-year high on Thursday, pressuring risk assets as Bitcoin steadied near $84,000, with ONDO becoming the top performer among altcoins. The 10-year US Treasury note's yield climbed to its highest level in nearly two decades, temporarily falling below $83,000 before struggling to regain $84,500. ONDO Finance (ONDO) saw a significant rise as one of the top-performing altcoins.
The US 10-year Treasury yield increased by over 4 basis points to 5.18%, its highest level since July 2007. The 30-year yield also hit 5.46%, reclaiming 2004 highs. This surge occurred on the same day the US Treasury was set to buy back up to $6 billion in bonds maturing in roughly 20 to 30 years. International bond markets weakened, while the Japanese yen came under renewed pressure, hitting 159 per US dollar.
Mohamed A. El-Erian, president of Queen’s College Cambridge, noted that the yen's weakness could lead to additional yield pressures on the Treasury market. Higher yields make government bonds more attractive, potentially weighing on non-yielding assets like Bitcoin. Despite the recent failure of the CLARITY Act in the US Senate, ONDO managed to reclaim a level last traded in December 2025.
The rally coincided with the launch of BlackRock-backed Ondo Intelligent Portfolios, offering tokenized shares in diversified portfolios accessible to non-US users, with settlement through CoW Protocol and CoW DAO.
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