Analysis: Correlation between BTC market cap and U.S. 10-year real Treasury yields rises to historical high

According to a post by Fidelity Digital Assets (@DigitalAssets) on the X platform, for most of BTC's history, US real interest rates and BTC price action have moved largely independently, but the relationship between the two has now reached an unprecedented degree of alignment: the correlation between BTC's market cap and the 10-year US real Treasury yield has climbed to its highest level on record. The firm also noted that on Oct. 14, its tracked BTC momentum signal turned positive, with trend and volatility indicators simultaneously supporting the recent price strength, a combination that has historically typically been associated with more sustained rallies. Fidelity added that it will further analyze the drivers behind this shift and monitor whether capital flows can sustain the trend.