Analysis: Widening US Treasury yield spreads reduce the attractiveness of high-beta assets, making it more difficult for Bitcoin to return to $100,000.

Data shows that the spread in US Treasury yields has widened to its highest level since 2021, indicating a growing caution in the market regarding the outlook for risk assets, including Bitcoin. David Roberts, head of fixed income at Nedgroup Investments, stated that persistently high yields will put downward pressure on global equities, with the pressure primarily concentrated on long-term Treasury bonds. Rising long-term yields increase the opportunity cost of holding non-yielding assets, thereby diminishing the attractiveness of high-beta risk assets such as stocks and Bitcoin. Furthermore, the relative strength of gold is also seen as another obstacle to Bitcoin. Bloomberg Intelligence strategist Mike McGlone stated that gold is undergoing a "historic alpha gain," attracting inflows as long-term US Treasury yields rise. If investors continue to favor low-volatility store-of-value assets, it may become more difficult for Bitcoin to return to key psychological levels such as $100,000. (CoinTelegraph)