Bitcoin gained about 43% in Q3 despite the 10-year US Treasury yield reaching 5.34%, its highest since 2002, as Bitcoin and Ethereum ETF inflows offset the rate shock. Higher yields punished crypto leverage, triggering $510 million in liquidations over 24 hours on September 23 and a 14.3% drop in open interest on September 25. US-listed Bitcoin ETFs drew about $6.3 billion and Ethereum ETFs about $3 billion in the third quarter. Citigroup raised its 12-month Bitcoin forecast to $113,000 from $82,000, while treasury-company premiums compressed and DeFi yields face pressure against tokenized Treasuries. Preferred and convertible financing costs rose, with many treasury companies now trading at or below NAV.
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