Why surging US real yields are quietly forcing Bitcoin under $84,000

Bitcoin registered an intraday low at $83,500 on Sept. 23, the same day the US 10-year Treasury yield closed at 5.11%, up 15 basis points in a single session, as a hotter-than-expected business activity survey pushed investors to reprice interest rates.Bitcoin now sits inside the $84,000 to $85,000 zone Glassnode identifies as its nearest on-chain support.Real yields carried most of the moveThe 10-year real yield, which strips out expected inflation, climbed from 2.63% to 2.76% on Treasury's curve, accounting for 13 of the 15 basis points added to the nominal yield. Implied 10-year inflation compensation, the gap between the two, edged from about 2.33% to 2.35%.MetricSept. 22Sept. 23One-day moveWhy it matters for Bitcoin10-year Treasury yield4.96%5.11%+15 bpsRaises the benchmark return available in government debt10-year real yield2.63%2.76%+13 bpsIncreases the inflation-adjusted opportunity cost of holding BTCImplied inflation compensation2.33%2.35%+2 bpsShows the move was mostly real-rate drivenS&P Global composite PMI56.058.4+2.4 ptsTriggered the repricing by showing stronger business activityInvestors demanded a higher inflation-adjusted return on government debt, which rai...