US 10-year Treasury yield hits 5.304%, highest since May 2002

A multi-decade high in the 10-year yield resets the discount rate that underpins every risk asset, and crypto is no exception — the opportunity cost of holding non-yielding tokens rises in step. The pressure is structural, not a one-day spike, which matters more for positioning than the headline level itself. The open question is whether this repricing stays orderly or starts to bite through credit and liquidity channels, where digital-asset markets tend to feel stress first.