Bitcoin demand is weakening as real yields surge. ETF inflows are cooling, stablecoin growth has stalled, and the absorption-to-emissions ratio has dropped sharply. Without strong, consistent capital inflows, any rally will struggle to gain momentum.

Real yields on 10-year TIPS are climbing fast, now above 2%, pulling capital away from non-yielding assets like Bitcoin. The market is pricing in tighter financial conditions for the longer term, which could keep pressure on risk assets. Oil prices are adding to the headwinds by tightening liquidity across the broader market.

Unless the Fed cuts rates or liquidity improves, Bitcoin’s path higher remains limited. Rising real yields are making risk-free returns more attractive, and that’s bad news for $BTC.

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