10-Year US Treasury Yield Tops 5.34%, Highest Since 2002

The notable part is that the long end, not the front end, is driving this: a 30-year above 5.6% and the steepest quarterly rise in decades point to term-premium and fiscal-supply concerns rather than a repricing of policy rates. That distinction matters for duration-heavy holders across sovereigns, credit and real assets, and for the UK and French spreads, which show this is not a US-only story. The open question is whether bitcoin's Q3 strength alongside rising yields signals a genuine diversification bid or simply coincided with one.