Fidelity Research: Bitcoin's Correlation With U.S. Treasury Real Yields Climbs Above 0.6 to a Record, as Federal Debt Passes $40 Trillion
The correlation between Bitcoin's market capitalization and the real rate on 10-year U.S. Treasury bonds has climbed above 0.6, a record, according to research published on October 15 by Fidelity Digital Assets and reported by Crypto Briefing. Fidelity said the relationship has historically sat on the negative or near-zero end of the scale relative to Treasury yields, and has now flipped into clearly positive territory. The "real" rate refers to bond yields after adjusting for inflation.
The recent price action backs up the pattern, Fidelity said: Bitcoin gained nearly 30% over the two months leading up to the report's release, while 10-year Treasury rates rose more than 10% over the same window. Fidelity attributed the change to macroeconomic forces, and specifically to growing pressure on U.S. public finances. U.S. federal debt has now passed $40 trillion, and interest payments on that debt have become the second-largest expense in the federal budget, overtaking Medicare. Fidelity's research suggests investors may be responding to the same concern by turning to Bitcoin, whose supply is capped at 21 million coins and whose issuance schedule is transparent and fixed in code.
Published by GSM · USA (original Chinese edition)
Photo: 图：Casascius 实体比特币纪念币资料照片。照片：Gage Skidmore，CC BY-SA 3.0，Wikimedia Commons。File photo: Casascius physical bitcoins. Photo by Gage Skidmore, CC BY-SA 3.0, via Wikimedia Commons.
