Bitcoin stalls below $80K as sovereign yields hit cycle highs

The stall below $80K is less about crypto-specific flows and more about the macro headwind of rising sovereign yields, which are resetting the opportunity cost of holding risk assets. The uptick in floating supply in profit to 68% suggests a growing cohort of holders with a lower break-even, which can act as a source of selling pressure if momentum fades. The real test is whether Bitcoin can decouple from the yield-driven risk-off tone or whether it remains tethered to traditional market pricing. The $14B options barrier at the September expiry is a key technical level to watch, as it could define rangebound behavior into month-end.