Bond yield curve flattening signals higher rates ahead, pressuring bitcoin

The gap between 10-year and 2-year Treasury yields narrowed to 28 basis points, the tightest since April 2025, signaling the Fed will keep rates higher for longer and making fixed-income assets more attractive than bitcoin.

• The 10-year/2-year yield spread tightened to 28 basis points, the narrowest since April 2025
• A flattening curve typically means markets expect higher-for-longer interest rates
• Higher rates make yield-bearing assets more attractive relative to non-yielding assets like bitcoin
• The Fed's latest projections show policy rates staying higher through 2028
• The curve was steepening at the start of 2026 when markets priced in rate cuts, a tailwind that has now reversed

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Last updated 19 Jun 2026