CryptoQuant researchers noted that bitcoin has (BTC) shown steady growth despite record high US Treasury yields and the continued strength of the (USD) dollar. This runs counter to the classic macroeconomic scenario, in which rising yields and the DXY index usually lead to capital outflows from risky assets.

For more than 10 years, the crypto market has consistently followed this logic, correcting against the backdrop of tightening monetary policy and the strengthening of the dollar. However, the current cycle shows anomalous behavior. They studied the dynamics of the BTC price compared to the dollar index and the yields of 5-, 10- and 30-year US bonds.

Experts stressed that since 2022 there has been a sharp increase in rates. Yields have crossed 4%, and in some cases approached 5%, which corresponds to levels close to the highs of the last 15 years. At the same time, the DXY index has remained in the range of 100-115 since the end of 2022, indicating a steady demand for the dollar as a protective asset. In the past, such conditions have been accompanied by prolonged bearish phases in the crypto market.

Nevertheless, starting in 2023, bitcoin has "broken away" from traditional logic: despite the persistence of high yields and a strong dollar, it continues to grow steadily. Moreover, its rally often accelerates against the background of local weakening of the DXY, but does not stop even during periods of stabilization. This indicates the growing independence of the cryptocurrency from macro indicators, which previously had a critical impact on it.

Experts explain this by a change in the perception of BTC among institutional and retail investors. Previously regarded as a speculative asset, it is now increasingly positioned as "digital gold" and a means of long-term capital preservation. In conditions of geopolitical instability, rising debt burdens in the US, and inflationary pressure, BTC is becoming an alternative store of value, competing with traditional assets.