Treasury yields at 5% threaten extending Bitcoin’s best quarter since 2017

What happened: Bitcoin is coming off its best third quarter since 2017, but Treasury yields above 5% may make extending the rally harder, according to Delphi Digital. Key numbers: Q3 gain 43%. Up over 35% since mid-August. Briefly topped $87,000 last week. September jobs added 29,000 vs 80,000 forecast. October hike odds about 24%, down from over 75%. Why it matters: Delphi says risk assets must work harder when government bonds pay over 5% risk-free. Weak jobs data cut October hike odds, and the debasement trade is cited as support.

Bitcoin is coming off its best third quarter since 2017, but Treasury yields above 5% may make extending the rally harder, according to Delphi Digital.

Delphi says risk assets must work harder when government bonds pay over 5% risk-free. Weak jobs data cut October hike odds, and the debasement trade is cited as support.