Bitcoin traded at $83,344, down 1.23% since midnight UTC, as the U.S. 10-year Treasury yield reached its highest level since 2007, driving losses across cryptocurrency and equity markets for a second consecutive day.
The spike in bond yields pressured risk assets broadly. The dollar index rose 0.13% to 101.24, its highest since July, while gold declined 0.71% to $4,257. U.S. equity futures also moved lower, with S&P 500 futures down 0.61% and Nasdaq 100 futures falling more than 1%.
Most major cryptocurrencies declined alongside Bitcoin. Ether fell 1.55%, while Solana lost 1.61%. Smaller tokens experienced sharper declines, with NEAR down 3.32% and HYPE down 3.94%.
XRP and Bitcoin Cash were among the weakest performers, each falling approximately 2.7% since midnight UTC. XRP extended its losses to 8.3% over the rolling 24-hour period, while Bitcoin Cash gave back gains from a prior day's CME futures announcement with a 6.8% decline.
Litecoin stood apart as the market's strongest performer, gaining 8.1% since midnight UTC and 6.2% over 24 hours. Ethereum Classic added 7.6% to $9.42, while the lending protocol token Morpho climbed 4.1% to $2.67.
Tokens that had posted strong gains earlier in the week sustained losses. Venice, an AI inference token, fell 5.2% since midnight and 9.6% over 24 hours to $28.71. Lighter, a perpetuals exchange token, declined 4.2% since midnight and 2.1% over 24 hours to $5.09. Pump.fun fell 4.1% since midnight and 11% over the rolling 24-hour period.
Derivatives data showed mixed signals. Short positions comprised over 52% of 24-hour taker volume, which rose 10% to $250 billion, while open interest fell nearly 6% to $149 billion. Bitcoin futures open interest dropped 6% against a 3% price decline over 24 hours. However, whale accounts on Binance maintained a long-to-short ratio above 1 at 1.30, suggesting larger traders were not joining the broader selloff.
Over $17 billion in Bitcoin and Ether options are set to expire Friday on Deribit, with most positions currently in the money.
