Crypto Stocks Decline as Treasury Yields Climb While Bitcoin and Ethereum Hold Flat
Equities with crypto exposure slid despite stable token prices, pressured by a selloff in the bond market that lifted US Treasury yields.
Shares of crypto-related companies retreated on Tuesday even as underlying cryptocurrencies showed little movement. Circle Internet Group fell 4% to $91.80, Bitmine Immersion Technologies declined 4% to $24.38, and Coinbase Global dropped 3% to $182.20, unwinding parts of their Monday gains. Meanwhile, Bitcoin and Ethereum traded essentially flat, both rising just 0.1% over a 24-hour window.
Passive investment vehicles experienced milder losses, with the iShares Bitcoin Trust ETF declining 1.41% to $44.04 and the Invesco QQQ Trust dropping 1.32% to $707.27. The downturn in high-beta crypto equities was attributed to pressure from rising bond yields rather than crypto market developments. A global bond selloff lifted the 10-year US Treasury yield to 4.79%, eclipsing its previous 52-week peak of 4.75%.
According to the report, higher yields tend to compress valuations across high-multiple, rate-sensitive assets such as tech, small caps, and crypto-adjacent businesses. The broader market did not exhibit widespread panic, with the CBOE Volatility Index recorded at 15.96. The decline followed a session driven by Bitmine's disclosure of holding 5,901,112 Ethereum tokens, representing 4.9% of the asset's total supply.
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