Bitcoin shows near-zero correlation with rising bond yields, diverging sharply from gold

For years, the conventional wisdom went something like this: rising bond yields are bad for assets that don’t generate income, and Bitcoin, which pays exactly zero percent interest, should get hammered when Treasuries sell off. The data, as of early September 2026, tells a different story. Bitcoin’s 90-day rolling correlation with changes in the 10-year US Treasury yield sits at -0.17. That’s close enough to zero that statisticians would call it noise. Gold, the other famous non-yielding store of value, clocks in at -0.41 over the same window. One of these assets is feeling the pressure from higher rates. The other is Bitcoin. The macro backdrop makes this even stranger This isn’t happening during a calm period for bond markets. The 30-year Treasury yield has pushed above 5%, reaching levels between 5.25% and 5.33%, multi-year highs that have sent tremors through virtually every corner of traditional finance. US gross federal debt blew past $40 trillion in August 2026, hitting approximately $40.13 trillion by mid-month. Persistent inflation concerns haven’t helped either, keeping the Fed in an uncomfortable position and bond vigilantes firmly in control of the long end of the curve...