The US 10-year Treasury yield touched 5.34% on October 1, its highest since 2002, marking the largest quarterly rise this century in Q3. Despite this, Bitcoin gained about 43% and Ethereum about 71% over the same period, with Bitcoin currently trading in the mid-$80,000s. The rising yields have, however, impacted crypto's financing landscape, increasing the cost of capital for leveraged trading and straining the business models of Bitcoin treasury companies. ETF inflows, totaling approximately $6.3 billion for spot Bitcoin ETFs and $3 billion for Ethereum ETFs in Q3, along with Citi raising its 12-month Bitcoin forecast to $113,000, have supported the rally. DeFi stablecoin borrowing rates are also linked to US Treasury yields, and tokenized US Treasury fund products are growing.