Bitcoin steadies near $84,000 as US Treasury yields hit highest level since 2007; ONDO tops altcoins
Bitcoin dips below $83,000, then holds near $84,000
The yield on the 10-year US Treasury note rose to 5.18% on Thursday, its highest level since July 2007, according to TradingView data cited by Cointelegraph. A Treasury yield is the interest rate the US government pays to borrow money for a set period.
Bitcoin (BTC) traded unevenly during US hours the same day. The price briefly fell below $83,000 and then struggled to climb back above $84,500, settling near $84,000. Ondo Finance's ONDO token was one of the strongest altcoins over the period. An altcoin is any cryptocurrency other than Bitcoin.
Key numbers from Thursday's session
- The 10-year US Treasury yield added more than 4 basis points to reach 5.18%. One basis point is one hundredth of a percentage point.
- Cointelegraph reported the 10-year yield had gained 70 basis points over the month.
- The 30-year Treasury yield reached 5.46%, a level the report describes as reclaiming 2004 highs.
- Bitcoin briefly fell under $83,000 and then traded near $84,000.
- ONDO returned to $0.50, a price it had not traded at since December 2025, according to CoinGecko data.
What the Treasury buyback schedule shows
On Thursday, the US Treasury was scheduled to buy back up to $6 billion of bonds maturing in roughly 20 to 30 years. Cointelegraph describes this as part of an expanded program aimed at improving liquidity, or ease of trading, in long-dated debt markets.
The report also notes that international bond markets weakened and that the Japanese yen came under renewed pressure.
Comments on the yen and bond market pressure
Mohamed A. El-Erian, president of Queen's College Cambridge, wrote on X that the yen had weakened back to 159 per US dollar, citing a CNBC chart, and described it as approaching "the established FX intervention zone."
He added: "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."
The report also explains that higher yields make government bonds more attractive to investors and can weigh on assets that do not pay income, such as Bitcoin. It adds that BTC has still extended its August rally, which the report describes as challenging bearish predictions tied to Bitcoin's traditional four-year cycle.
Ondo portfolios launch on Ethereum and BNB Chain
The ONDO rally came as BlackRock-backed Ondo Intelligent Portfolios launched on Thursday. Ondo's token is tied to tokenized real-world assets, meaning blockchain-based tokens that represent assets such as stocks or commodities.
According to the report, most real-world asset products focus on tokenizing individual stocks and commodities, while the new offering lets non-US users buy tokenized shares in diversified portfolios.
The tokens went live on Ethereum and BNB Chain, with settlement handled through CoW Protocol, CoW DAO said on X. The first three tokens track model portfolio strategies developed by BlackRock for Ondo: BLKHIon (High Income), BLKDIGon (Diversified Growth) and BLKGRWon (High Growth).
The report notes that ONDO reclaimed the $0.50 level despite the CLARITY Act failing a procedural vote in the US Senate.
What is confirmed
- The 10-year US Treasury yield reached 5.18%, its highest since July 2007, based on TradingView data.
- The 30-year Treasury yield reached 5.46%.
- Bitcoin briefly traded below $83,000 and was near $84,000.
- ONDO returned to $0.50 for the first time since December 2025, per CoinGecko data.
- Ondo Intelligent Portfolios launched on Ethereum and BNB Chain, with settlement through CoW Protocol.
- The first three tokens are BLKHIon, BLKDIGon and BLKGRWon.
- The US Treasury was scheduled to buy back up to $6 billion in bonds maturing in about 20 to 30 years.
What is still unclear
The source does not state a confirmed cause for either Bitcoin's price moves or ONDO's rise. The link between bond yields and Bitcoin's price is presented as an explanation, not a proven cause.
The report also does not say how markets will react to the Treasury buyback or to any possible Japanese foreign exchange intervention. El-Erian's comments describe a possibility, not a confirmed event.
Why it matters
Bond yields influence how investors weigh risk. When government debt pays more, investors can earn higher returns from assets seen as safer, which can affect demand for cryptocurrencies. The report frames rising yields as pressure on assets such as Bitcoin.
For tokenized asset products, the launch shows a new way to package investment portfolios on blockchains, and it is aimed at users outside the United States.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.