Bitcoin Rides Best Quarter Since 2017 as Treasury Yields Near 5%

Bitcoin's rally is being framed as a debasement trade rather than a growth bet, which is why soft jobs data helps it: weaker labor prints ease rate-hike odds and lift the asset that investors use to hedge fiat erosion. The tension is that 5% Treasury yields now offer real competition for that same hedging demand, so the macro logic cuts both ways. The open question is whether Bitcoin can keep attracting debasement flows if yields stay elevated, or whether the trade simply rotates back toward government paper.