Bitcoin declined by over 2% to approximately $83,900 as escalating Treasury yields piled pressure onto leveraged and non-yielding instruments.
Dogecoin spearheaded a wider digital asset market correction with a 7% drop, whereas Zcash, XRP, and Hyperliquid registered losses between 5% and 6%.
Robust United States business activity data, rising petroleum prices, and sluggish demand for five-year Treasury obligations drove yields upward ahead of Friday’s expiration of roughly $14 billion in options contracts.
CoinDesk statistics indicate that Bitcoin changed hands near $83,900 during Thursday’s Asian morning hours, reflecting a decrease of more than 2% over a 24-hour window after previously nearing $87,300. Government figures reveal that the 10-year U.S. Treasury yield finished Wednesday at 5.11%, marking a 15-basis-point increase within a single day.
DOGE bore the brunt of the downturn, sinking 7% to rest just above 9 cents. Meanwhile, ZEC, XRP, and HYPE dropped 5% to 6% each, while ether, SOL, and BNB shed between 2% and 3%, leaving TRX unchanged.
Brent crude moved first, advancing more than 4% toward $104 per barrel and halting a six-day streak of declines that had previously helped alleviate inflation concerns. S&P Global’s preliminary survey of American enterprises followed suit, revealing that commercial output expanded at its quickest pace in over five years, pushing the composite index to 58.4—its highest reading since July 2021.
A subsequent $70 billion auction of five-year Treasury notes later in the session met with underwhelming interest. The offering cleared at 5.033%, representing the highest auction yield since 2006 and landing about 3 basis points above the prevailing market price right before the sale, implying that purchasers demanded extra compensation to absorb the issuance.
Elevated returns on sovereign debt raise the opportunity cost of maintaining assets that generate no income, including bitcoin, while also increasing funding costs for leveraged positions. Bitcoin experienced its sharpest downward movement on Wednesday shortly after the release of the corporate survey.
Bitcoin currently trades beneath $85,000, which serves as the strike price highlighted by Ledn co-founder Mauricio Di Bartolomeo concerning a substantial volume of call options expiring on Deribit this Friday around the $14 billion mark.
Originally published at https://www.coindesk.com/markets/2026/09/24/dogecoin-down-8-bitcoin-under-usd84-000-as-treasury-yields-hit-highest-level-since-2007.
