Bitcoin Volatile as US Treasury Yields Rise to 20-Year Highs, Ondo Token Reclaims $0.50
Quick Look
- Bitcoin fell below $83,000 before stabilizing near $84,500 as the US 10-year Treasury yield climbed to 5.18%, its highest since July 2007, amid a US Treasury bond buyback program.
- Ondo Finance (ONDO) reclaimed the $0.50 level for the first time since December 2025 following the launch of BlackRock-backed Ondo Intelligent Portfolios on Ethereum and BNB Chain, despite the CLARITY Act's procedural vote failure in the US Senate.
AI-generated summary
Why It Matters
Bitcoin had been challenging bearish predictions tied to its traditional four-year cycle, extending an August rally despite macroeconomic headwinds. Ondo Finance focuses on tokenized real-world assets, with its ONDO token previously trading above $0.50 in December 2025.
Bitcoin (BTC) had a volatile Thursday during US hours as the yield on the 10-year US Treasury note climbed to its highest level in nearly two decades. After briefly falling below $83,000, BTC struggled to reclaim $84,500. Ondo Finance (ONDO), meanwhile, was among the top-performing altcoins.
Key points:
Bitcoin briefly fell below $83,000 before stabilizing near $84,500 amid rising bond yields.
Ondo’s token reclaims $0.50 for the first time since December 2025 as BlackRock-backed Ondo Intelligent Portfolios launch on Ethereum and BNB Chain.
The US 10-year Treasury yield climbs to 5.18%, its highest since July 2007, while the 30-year yield reaches 5.46%.
US 10-year Treasury gains 70 basis points this month, hits 5.18%
The US 10-year Treasury yield rose more than 4 basis points to 5.18% on Thursday, its highest level since July 2007, according to TradingView data. The 30-year yield hit 5.46%, reclaiming 2004 highs.
The climb came on the day the US Treasury was scheduled to buy back up to $6 billion in bonds maturing in roughly 20 to 30 years, part of an expanded program aimed at improving liquidity in long-dated debt markets.
International bond markets also weakened, while the Japanese yen (JPY) came under renewed pressure. Mohamed A. El-Erian, president of Queen’s College Cambridge, wrote on X: “Flying under many radars for now, but probably not for long: The Japanese Yen has weakened back to 159 per U.S. dollar (CNBC chart), approaching the established FX intervention zone.”
He continued: “This matters far beyond Japan for a key reason right now: Japanese foreign exchange intervention typically involves selling US securities to buy Yen, potentially adding yield pressures to an already sensitive Treasury market.”
Higher yields make government bonds more attractive and can weigh on non-yielding assets such as Bitcoin. Even so, BTC has extended its August rally, challenging bearish predictions tied to Bitcoin’s traditional four-year cycle.
ONDO token among top performers, reclaims $0.50 level
The tokenized real-world asset (RWA) token ONDO was among the top gainers in the last 24 hours and rose back to the psychological $0.5 level, according to CoinGecko data.
Despite the recent failure of the CLARITY Act to pass through a procedural vote in the US Senate, the token managed to reclaim a level last traded in December 2025.
Related: CLARITY vote failure could stoke more crypto PAC spending in key races
The rally came as BlackRock-backed Ondo Intelligent Portfolios launched on Thursday. While most RWA products focus on tokenizing individual stocks and commodities, the new offering allows non-US users to buy tokenized shares in diversified portfolios.
What to Watch
AI outlook — possibilities, not facts
US Treasury may continue bond buyback operations to manage long-dated debt liquidity
Likely · Within weeks
Ondo Intelligent Portfolios may attract non-US users seeking diversified RWA exposure
Possible · Within months
Open Questions
- Will the US Treasury's expanded bond buyback program continue to pressure Bitcoin prices?
- How sustainable is Ondo's token reclaim of the $0.50 level given broader crypto market volatility?
- Will Japanese yen weakness trigger actual FX intervention that could further impact US Treasury yields?
