美债收益率破5%创19年新高，比特币价格回落
Bitcoin Price Slips While US Treasury Yields Soar, Oil Prices Climb
美债收益率突破关键心理关口且处于历史高位，直接解释了比特币近期走势背离的宏观逻辑，对关注宏观因子与加密资产相关性的投资者具有参考价值。
Bitcoin Magazine
比特币杂志
Bitcoin Price Slips While US Treasury Yields Soar, Oil Prices Climb
美债收益率飙升、油价攀升之际，比特币价格回落
Bitcoin’s price slid on Wednesday, just as U.S. Treasuries surged, with the 10-year yield climbing above 5% and reaching — its highest level since 2007.
周三，比特币价格下跌，与此同时美国国债大幅上涨，10年期收益率升至5%以上，达到自2007年以来的最高水平。
The price of the leading cryptocurrency was down 2% over a 24-hour period Wednesday afternoon in New York, and was trading hands for $84,357.
纽约时间周三下午，这一领先加密货币的价格在24小时内下跌了2%，交易价格为84,357美元。
Bitcoin’s price had surged earlier in the week as investors piled into exchange-traded funds. At one point, it soared as high as nearly $87,330.
本周早些时候，随着投资者涌入交易所交易基金（ETF），比特币价格曾一度飙升，最高触及近87,330美元。
JUST IN: U.S. Treasury Department to buy back up to $6 billion in longer-term debt tomorrow.
突发消息：美国财政部将于明日回购高达60亿美元的长期债务。
Buy Bitcoin pic.twitter.com/nZm3BNqiVH
买入比特币 pic.twitter.com/nZm3BNqiVH
— Bitcoin Magazine (@BitcoinMagazine) September 23, 2026
—— 比特币杂志 (@BitcoinMagazine) 2026年9月23日
But its rally has since cooled. It dropped further on Wednesday afternoon around the time the U.S. Treasury said it will purchase up to $6 billion of longer-dated government debt on Thursday.
但随后的反弹势头已降温。周三下午，在美国财政部宣布将于周四购买高达60亿美元的长期政府债务之际，比特币价格进一步下跌。
Bitcoin previously benefited from the Treasury Department’s announcement of buybacks — having its best run in months — but this time dropped.
此前，比特币曾从财政部的回购公告中受益——经历了数月来最佳的表现——但此次却出现下跌。
The 10-year Treasury yield climbed above 5% on Wednesday for the first time in 19 years, after September’s flash PMI data came in well ahead of forecasts and pushed the composite index to a five-year high.
在9月份采购经理人指数（PMI）数据大幅好于预期、推动综合指数创下五年高点的背景下，10年期美债收益率周三首次突破5%，为19年来首次。
Inflation details added to the pressure: input costs across manufacturing and services rose to their highest level since October 2022, driven largely by fuel and transportation, while wage pressure also strengthened.
通胀细节加剧了压力：制造业和服务业的投入成本升至2022年10月以来的最高水平，主要受燃料和运输成本推动，同时工资压力也有所增强。
Rising yields are typically a headwind for bitcoin’s price. When safe government bonds pay 5%, holding an asset that generates no income becomes more expensive.
收益率上升通常对比特币价格构成逆风。当无风险政府债券提供5%的回报时，持有不产生收益的资产的成本变得更高。
Higher rates also tend to strengthen the dollar and dampen appetite for risk-on assets. Bitcoin has repeatedly retreated this year when yields rose on inflation fears, often with ETF outflows and forced selling by leveraged traders amplifying the move.
利率上升往往也会提振美元，并削弱对风险偏好型资产的需求。今年以来，每当因通胀担忧导致收益率上升时，比特币都会多次回调，且常伴随ETF资金流出以及杠杆交易者被迫平仓，从而放大跌幅。
This post Bitcoin Price Slips While US Treasury Yields Soar, Oil Prices Climb first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
本文《美债收益率飙升、油价攀升之际，比特币价格回落》首发于比特币杂志，由Mathew Di Salvo撰写。
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