CoinDesk analysis indicates that over most of Bitcoin's history, the asset has shown little to no consistent correlation with bond yields, with 90-day, 180-day, and 1-year correlations with the U.S. 10-year yield all close to zero. Bitget Wallet research lead Lacie Zhang noted this near-zero correlation is a genuine portfolio advantage, suggesting BTC is not simply trading as a duration or rates asset.

However, short-term bond market volatility can still impact Bitcoin. The MOVE Index, tracking expected turbulence in Treasury notes, surged 21% to 95 points on Wednesday, its highest since April 1. This helped explain Bitcoin's pullback from $87,200 to $83,500 on Wednesday. The rise in yields was primarily driven by strong U.S. economic data, with S&P Global's flash U.S. Composite PMI rising to 58.4 in September, reinforcing expectations for further Fed rate hikes.