US government bond yields rose to a 19-year high on Thursday, and the reading was one reason Bitcoin steadied near $84,000. The token traded by ONDO Finance was the other story, rallying to reclaim a level it had not touched since December 2025.
The 10-year US Treasury yield rose to 5.18%, its highest since July 2007, according to TradingView data. The 30-year yield reached 5.46%, reclaiming 2004 highs. Bitcoin dropped briefly below $83,000 before stabilizing near $84,500.
CoinGecko ranks ONDO Finance’s token as one of the top-performing altcoins over the past 24 hours. The token broke back above the psychological $0.5 level for the first time since December 2025.
Treasury Yields Reach 19-Year High
On a day when the US Treasury was set to repurchase as much as $6 billion in bonds set to mature within roughly 20 to 30 years, yields moved up. The buyback is part of an expanded program intended to improve liquidity in long-dated debt markets.
International bond markets declined, and the Japanese yen (JPY) again came under renewed pressure. Mohamed A. El-Erian, president of Queen’s College Cambridge, wrote on X: “Flying under many radars for now, but probably not for long: The Japanese Yen has weakened back to 159 per U.S. dollar (CNBC chart), approaching the established FX intervention zone.”
He carried on speaking, with these words: “This matters far beyond Japan for a key reason right now: Japanese foreign exchange intervention typically involves selling US securities to buy Yen, potentially adding yield pressures to an already sensitive Treasury market.”
Bond Yields Press Bitcoin
Stronger yields make government bonds more appealing to investors, which can weigh down non-yielding assets such as Bitcoin. Still, BTC has kept extending its August rally, challenging bearish predictions tied to Bitcoin’s traditional four-year cycle.
The tokenized real-world asset (RWA) token ONDO was among the top gainers in the last 24 hours and rose back to the psychological $0.5 level, according to CoinGecko data.
“This matters far beyond Japan for a key reason right now: Japanese foreign exchange intervention typically involves selling US securities to buy Yen, potentially adding yield pressures to an already sensitive Treasury market.”
CLARITY Vote Failure
A recovery emerged even as the CLARITY Act was denied passage by a procedural vote in the US Senate. The token ascended back to a value last seen in December 2025.
A related report says failure of the CLARITY vote could lead to crypto PAC spending rising in key races.
BlackRock Launches Intelligent Portfolios
A Thursday launch drove the rally: the BlackRock-backed Ondo Intelligent Portfolios. Rather than tokenizing individual stocks and commodities, most RWA products focus on doing that. The new product instead lets non-US users buy tokenized shares in diversified portfolios.
CoW DAO announced on X that tokens went live on Ethereum and BNB Chain, with settlement managed through CoW Protocol. Three tokens track model portfolio strategies developed by BlackRock for Ondo: BLKHIon (High Income), BLKDIGon (Diversified Growth) and BLKGRWon (High Growth).
JPY Weakens as Bond Yields Climb
The caution from El-Erian on Japanese foreign exchange intervention carries weight for markets around the world, since the sale of US securities to purchase yen adds to the strain on yields in an already delicate Treasury market.
The yen’s weakness also adds to the pressure on risk assets.
ONDO’s Path Back to $0.5
ONDO’s token reclaims $0.50 for the first time since December 2025. The BlackRock launch provided the catalyst.
The CoW Protocol settlement and the launch on Ethereum and BNB Chain bring infrastructure support to the project.
On Thursday, the yield on the 10-year Treasury climbed by more than 4 basis points to 5.18%, marking its highest level since July 2007. The 30-year yield also moved up, reaching 5.46%, which put it back above its 2004 highs.
This month, US Treasury yields on notes of 10 years have risen by 70 basis points. The increase followed a scheduled bond buyback operation, during which the Treasury was set to remove up to $6 billion in debt maturing in roughly 20 to 30 years from circulation. That buyback is part of a broadened effort to boost liquidity in longer-dated government securities.
The markets for bonds issued by countries abroad weakened, and the Japanese yen (JPY) came under renewed pressure as a result.
For traders, the picture is mixed but stable. Bitcoin is holding near $84,000, ONDO is rallying, and the broader market is digesting the news of the day.
Source material: “Bitcoin price steadies, ONDO rallies as US Treasury yields hit 2007 highs,” Cointelegraph.
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