Bitcoin Holds Around $77K as Global Bond Rout Tests Crypto’s Nerves

On Wednesday, September 2, bitcoin (BTC) traded roughly around $77,000 per coin while a global sell-off in government bonds pushed yields higher and kept pressure on risk assets. That backdrop is putting the latest crypto rally to the test: bitcoin still trades like a high‑beta risk asset, but many investors also treat it as “digital gold” and a potential hedge against inflation and currency debasement.

Derivatives activity tells a more nuanced story. Futures and options volumes have cooled from the peaks of earlier in the year, suggesting the market is not being driven primarily by aggressive leveraged bets. Instead, demand is increasingly visible in exchange‑traded products such as spot bitcoin ETFs and ETPs. Research estimates show global bitcoin ETP holdings rising by more than 50,000 BTC over the past week, a sign that traditional brokerage and retirement accounts are becoming a key channel for exposure.

The big question for traders is how far central bank policy and mounting sovereign debt concerns will spill over into digital assets. Persistent increases in long‑term yields make U.S. dollars and bonds more attractive relative to non‑yielding assets like bitcoin. At the same time, any erosion of confidence in the existing financial system could strengthen the case for holding a portion of portfolios in decentralized assets, keeping the tug‑of‑war between “risk asset” and “macro hedge” very much alive.