Bitcoin Slips Under $84,000 as the 10-Year Yield Hits a 2007 High

Bitcoin changed hands at $83,344 shortly after 10:30 UTC on Thursday, down 1.23% since midnight, after the 10-year US Treasury yield reached its highest level since 2007. The move began on Wednesday. A stronger-than-expected activity survey pushed the yield past 5.1%, and bitcoin gave back the $87,000 it had touched earlier that day. Spot bitcoin exchange-traded funds kept taking money in through the fall. By early Thursday the yield had eased two basis points and the price was climbing off its session lows.

Three readings of one yield

CoinDesk's live coverage put the 10-year at 5.127% on Wednesday, up 18 basis points. CryptoSlate has it at 5.11%, against 4.96% the day before. BeInCrypto, writing at 10:52 a.m. Eastern, recorded 5.058% just after the data landed. These are readings of one session at different hours, and none says which is the close. They do not reconcile. bloomingbit went no further than "above 5%".

What the survey did

The trigger is a monthly questionnaire. S&P Global's flash composite purchasing managers' index for September came in at 58.4, up from 56.0 in August; a reading above 50 means the firms surveyed report expansion. CryptoSlate calls it the strongest since July 2021, bloomingbit the highest in more than five years. Input costs rose at their fastest pace in four years by bloomingbit's account, and since October 2022 by BeInCrypto's.

"Input costs jumped at steepest rate for four years, with fuel and transport costs spiking higher," Chris Williamson, chief business economist at S&P Global, said in a comment carried by BeInCrypto on Wednesday.

Rate expectations moved with it. CoinDesk had October hike odds at 73.1% on Wednesday, up from about 50% a day earlier; Yahoo Finance's Thursday figures from CME's FedWatch tool read 75.3% for October and 58.6% for December. The two are a day apart and are not one number. The federal funds target range has been 3.75% to 4.00% since the 16 September increase, which bitcoin barely registered at the time.

The long side, counted twice

How much leverage was cleared is unsettled. CryptoSlate puts long liquidations near $280 million on the break below $84,000, and Cointelegraph's Thursday headline carries the same figure. bloomingbit reports $510 million in total liquidations across 24 hours, of which $363.83 million was longs, and 122,256 accounts closed out. Both $280 million and $363.83 million are printed as long-only figures for the same session. Neither outlet names the dashboard behind its number, and we could not establish which method produces which. The trader count rests on bloomingbit alone.

Open interest came down with the price. CoinDesk's Thursday figures had open interest at $149 billion, down about 6% — a steeper drop than the 3% fall in price.

Money kept arriving

The bid did not leave. Farside Investors' table, updated Thursday, records $999.0 million into US spot bitcoin ETFs on Monday, $714.7 million on Tuesday and $346.9 million on Wednesday. Those three days sum to $2.06 billion. CoinDesk's Wednesday blog said $2 billion for the week, The Coin Republic $1.7 billion, and CryptoSlate about $1.3 billion over five days while printing the same three dailies. The totals do not reconcile, and the Farside dailies are the primary record. Monday's near-billion was the largest single day since October 2025.

Friday settles a big book

Deribit closes its quarterly options at 08:00 UTC on Friday, and the notional is reported three ways. Decrypt has $15.6 billion in bitcoin options, max pain at $76,000, a put-call ratio of 0.71. Crypto Briefing has $15.9 billion in bitcoin plus $2.1 billion in ether and max pain at $75,000. CoinDesk's headline says $16 billion while its body says nearly $18 billion for bitcoin and ether together, counting something wider than the other two. Max pain is the strike where most open contracts expire worthless. Deribit chief executive Luuk Strijers called the September expiry "call-heavy and one of the largest of the year" in a comment carried by Crypto Briefing. CME's futures settle at 15:00 UTC the same day. What the book does after that depends on a number no report yet has: whether the yield stays above 5%.