Bitcoin Near $84,000 as Yields Weigh Against Fund Inflows

Bitcoin held near $84,000 heading into the weekend as rising U.S. Treasury yields countered institutional demand and regulatory developments. As of 05:52 UTC Saturday, it traded at $83,925, down 0.34% over 24 hours.

The 10-year Treasury yield rose above 5.2% Friday, after reaching its highest level since 2007, according to the article. Higher yields increased the appeal of interest-bearing assets and weighed on Bitcoin and other risk assets.

U.S. spot Bitcoin exchange-traded funds drew about $2.65 billion over five consecutive sessions through Wednesday. Roughly $347 million came in Wednesday, with BlackRock’s IBIT and Fidelity’s FBTC accounting for most of that day’s inflows.

Strategy, the largest corporate Bitcoin holder, proposed daily dividend accruals for four preferred stocks. The company said more frequent payments could improve liquidity and demand for the securities, potentially giving it greater access to capital for Bitcoin purchases.

Regulatory news was mixed. SEC Commissioner Hester Peirce is leaving the agency Oct. 2 after helping lead its Crypto Task Force and work on staking, token classification and tokenized securities. The Senate also failed to advance the Digital Asset Market Clarity Act.

Blockchain Association CEO Summer Mersinger is stepping down, and former leader Kristin Smith is returning as interim CEO.