PANews reported on April 30th that, according to CoinDesk, the yield on the 30-year US Treasury note rose to 5%, a new high since July 2025. Several crypto analysts believe this is bearish for Bitcoin. Diana Pires, Chief Business Officer of sFOX, stated that as long as yields remain attractive and the Federal Reserve maintains its tightening stance, capital will have real options beyond risk assets, which will continue to put pressure on assets such as cryptocurrencies, depending on liquidity and market momentum. She also pointed out that inflation has not yet convincingly returned to the target level, and the Federal Reserve has not signaled a near-term shift; until then, capital flows will continue to favor yields and safety over volatility.

Giottus exchange CEO Vikram Subburaj pointed out that rising Treasury yields and a stronger dollar have historically put pressure on cryptocurrency valuations by tightening financial conditions. Matt Mena, senior crypto research strategist at 21Shares, believes that the Fed keeping interest rates unchanged was not unexpected, but the opposition of three voting officials to easing guidance dampened market expectations for rate cuts. This is a classic hawkish signal, and Bitcoin, as a risk indicator, is feeling it. ING analysts described the hawkish dissent of the three officials as a warning signal to the next Fed Chairman, Kevin Warsh, indicating that they will not be easily persuaded by the idea that "interest rates can eventually be lowered."