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Bitcoin nears $65,000 as Treasury yields top crypto carry trade for only second time on record

7/30/2026

Bitcoin firmed toward $65,000 on Thursday after softer economic data pulled back expectations for a September Federal Reserve rate increase.

Spot volume held near multi-year lows, a detail that gives reason to question whether the bid will hold. the bitcoin carry trade The session carried an unusual footnote for anyone running a basis position.

Treasury yields have now exceeded the return available from the bitcoin carry trade for only the second time on record.

The carry trade captures the spread between spot holdings and the premium embedded in perpetual or dated futures. For years it offered returns that outpaced what government paper paid.