Cryptocurrency analytics platform CryptoQuant has published a remarkable analysis of Bitcoin’s relationship with traditional macro indicators in the current market cycle.
The report claimed that Bitcoin has diverged “abnormally” from its historical correlation with US bond yields, which could indicate that BTC’s role in the macroeconomic system is undergoing a structural change.
According to CryptoQuant analysts, macroeconomics has become the dominant trend in today’s cryptocurrency markets. For this reason, investors are closely following macro indicators, especially the US Dollar Index (DXY) and US Treasury yields. These indicators provide important signals about the state of global liquidity and institutional investor sentiment.
In the published analysis, a chart comparing Bitcoin with DXY and 5, 10 and 30-year US bond yields draws attention. According to historical data;
- When DXY and bond yields rise, capital flows out of riskier assets, often leading to corrections for assets like Bitcoin. Bear cycles in the crypto market often coincide with such bullish periods.
- When DXY and bond yields weaken, risk appetite increases. These periods usually coincide with periods of easing monetary policy or rising expectations of a rate cut from the Fed, triggering an upward trend in crypto markets.
However, what is striking in the current cycle is that Bitcoin is diverging from this traditional macro model. Despite bond yields reaching the highest levels in Bitcoin history, the BTC price continues to rise. Bitcoin seems to be gaining momentum, especially when the DXY starts to fall.
This “abnormal” divergence may indicate that Bitcoin’s role in macroeconomic dynamics is reshaping. According to CryptoQuant analysts, this is due to Bitcoin now being perceived more as a store of value.
*This is not investment advice.
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