Bitcoin posted its strongest third quarter since 2017, gaining 43% across July, August and September even as long-term Treasuries lost approximately 7.7% over the same period. The divergence came as US Treasury yields surged to a 24-year high in a global bond sell-off, with the TLT bond ETF hitting an all-time low and gapping down further. Scott Melker, host of "The Daily Wolf with Scott Melker," noted that bitcoin traditionally performs poorly in the third quarter and that the large move arrived in August, preempting the expected four-year cycle. Melker argued that rising interest rates and dumping bonds, driven by fears of fiscal dominance and monetary irresponsibility, are precisely the conditions bitcoin was built for, which he said explains its outperformance.
BitcoinBitcoin gained 43% in Q3, its strongest since 2017, as rising rates and bond dumping driven by fiscal/monetary fears favored it.
US Treasury yields surged to a 24-year high amid a global bond sell-off, pushing the 10Y yield up.
