Bitcoin Steadies Near $76,000 as Global Bond Yields Surge

Bitcoin held firm near $76,000 on Wednesday as a widespread selloff in global bond markets tested the strength of its recent rally, even as oil prices climbed on renewed geopolitical tension.

Bond Yields and Oil Prices Add Pressure

Japan’s benchmark 10 year government bond yield stayed above 3% for a second straight session, a level not seen since 1996. Yields in the US and Europe also moved higher, while Brent crude pushed past $95 amid fresh US Iran tensions raising fears over energy supply disruptions.

Derivatives Activity Cools While ETP Demand Stays Strong

The calmer price action follows bitcoin’s 23% jump just over a week ago, with prices since trading between $76,800 and $81,600. Futures and perpetual open interest sit at $38.6 billion, down 1.8% over the past week, with perpetual open interest near four month lows and funding rates staying neutral.

ETF Inflows Hit Multi-Year High

August also brought strong demand for bitcoin exchange-traded products, with global ETPs absorbing 52,152 BTC, the highest monthly total since November 2024. Corporate buyer Strategy also returned to the market last week, purchasing 4,603 BTC worth $369.7 million, its first acquisition since June. Lunde called this a clear reversal from the heavy selling seen in May and June, which appeared to be driven largely by retail investors rather than institutions.

Markets are now turning attention to Friday’s US payrolls report, with traders pricing in roughly a 70% chance of a Federal Reserve rate hike this month.