US 5-Year Treasury auction yields hit 20-year high, pressuring Bitcoin

The US Treasury's 5-year note auction saw yields reach 5.033%, the highest level since June 2006, signaling weakening demand for government debt. The bid-to-cover ratio dropped to 2.212, the lowest since 2018, while indirect bidder participation fell to 54.3%. With 10-year yields also climbing above 5% and Federal Reserve Governor Michael Barr suggesting further rate hikes are necessary, market pressure on risk assets has intensified. Rising long-term yields increase the opportunity cost for non-yielding assets like Bitcoin, which recently dipped below $84,000.