Bitcoin slips as Treasury yields climb and Robinhood expands U.S. crypto derivatives

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Bitcoin slips as yields climb

Highlights

Bitcoin fell 0.57% to $83,164, tracking a broader split among CoinDesk 100 assets ahead of upcoming U.S. PCE inflation data.
The 30-year Treasury yield surpassed 5.6% for the first time since June 2002, and 10-year yields neared 5.3%, weighing on crypto sentiment.
Robinhood announced U.S. crypto perpetual futures via its own derivatives arm, coinciding with a 17% drop in Lighter and intensifying competition in the crypto market.

Market moves before PCE data

As reported by CoinDesk, bitcoin is trading at $83,164 in the European morning, down 0.57% since midnight UTC, while the broader crypto market is split evenly with 50 CoinDesk 100 constituents higher and 50 lower.

The weaker 24-hour picture follows a roughly 1% decline from a peak of $84,400 during Tuesday's U.S. session. The CoinDesk DeFi index is losing 2.3%, marking the weakest performance among the index family, while aave is retreating 4.4% after an 11% jump in the previous session.

Investors are now focusing on the U.S. personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, due before the Wall Street open. Micron earnings are also due after the close, adding another market test later in the day.

Yields and derivatives weigh on sentiment

Traditional markets are firmer despite higher yields, with S&P 500 futures up 0.27% and the Stoxx 600 rising 0.74% in morning trade. The 30-year Treasury yield has crossed 5.6%, its highest level since June 2002, while the 10-year yield is reaching a fresh 2007 high near 5.3%, according to CNBC.

Brent crude is trading at $96.43 after falling on Tuesday, staying below the $100 level seen during Monday's crypto selloff. No clear catalyst is driving the latest drift in digital assets, but bitcoin remains in a consolidation pattern since the failed Sept. 21 breakout attempt at $87,300.

Lighter is falling 17% over 24 hours after Robinhood says it will offer crypto perpetual futures to U.S. customers through its own derivatives arm. The move points to intensifying competition in U.S. crypto trading products, even as token prices remain sensitive to macroeconomic signals.

Our earlier article on U.S. Treasury yield moves ahead of the PCE inflation report explained how bond-market volatility and shifting expectations for the Fed’s next rate decision were shaping broader risk appetite. We also highlighted that investors were watching the PCE print, Fed commentary and key corporate earnings for signals that could sway yields and market direction.

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