PANews reported on June 15 that analyst Darkfost believes that when the US dollar index and Treasury yields rise simultaneously, capital tends to flee risky assets, and Bitcoin usually experiences a pullback in this environment. Historically, bear markets in cryptocurrencies tend to coincide with strong upward trends in Treasury yields and the US dollar index. Conversely, when the US dollar index and Treasury yields lose momentum, investor preferences shift to risky assets. These periods are often associated with monetary easing or expectations of a Fed rate cut, fueling bullish sentiment in the cryptocurrency market.

What is striking in the current cycle is the unusual decoupling between Bitcoin and Treasury yields. Despite Treasury yields reaching their highest levels in Bitcoin's history, Bitcoin continues to trend upward, and typically accelerates when the US dollar index falls. This anomaly indicates a structural shift in Bitcoin's role in the macro landscape. The reason is that Bitcoin is increasingly viewed as a store of value. This new narrative may be redefining how Bitcoin responds to traditional macro forces.