BTC is abnormally decoupled from US bond yields, and its role in the macroeconomy is undergoing a structural change

According to market reports, Cryptoquant analyst Darkfost released a market analysis stating that macroeconomic factors have become the dominant narrative in today's cryptocurrency market. As a result, key indicators such as the US Dollar Index (DXY) and US Treasury bond yields are now closely monitored by investors, reflecting the overall sentiment of institutions and global liquidity. When DXY and bond yields rise simultaneously, capital tends to withdraw from risk assets. In such an environment, Bitcoin typically experiences a pullback. Historically, cryptocurrency bear markets often coincide with strong upward trends in yields and DXY. Conversely, when DXY and yields lose momentum, investors' risk appetite shifts towards risk assets. These periods are usually associated with monetary easing or market expectations of Federal Reserve rate cuts, thereby driving bullish sentiment in the crypto market. A notable aspect of the current cycle is the unusual decoupling between Bitcoin and bond yields. Despite yields reaching one of the highest levels in Bitcoin's history, Bitcoin continues to maintain an upward trend, especially accelerating when DXY falls. This anomaly suggests a structural transformation in Bitcoin's role within the macroeconomic landscape, with Bitcoin increasingly being viewed as a store of value. This new narrative may be redefining how Bitcoin responds to traditional macroeconomic forces.