Bitcoin Investment Case Holds as US 10-Year Yields Revisit April Highs

By: decrypt|2025/05/14 09:15:06

Bitcoin Investment Case Holds as US 10-Year Yields Revisit April Highs Yields on the 10-year are rising amid renewed risk sentiment from U.S.-China tariff relief, testing crypto’s resilience as narratives shift. In brief The 10-year Treasury yield rose to 4.5%, up from 4.1% in early April, as easing U.S.-China trade tensions lifted market sentiment and dampened expectations for Fed rate cuts. April inflation surprised to the downside, but analysts suggest firms may have front-loaded purchases ahead of tariffs, delaying the true impact on consumer prices. Despite rising real yields, FalconX’s David Lawant argues that Bitcoin’s identity as "emerging digital gold" continues to mature, bolstering its long-term institutional case. Decrypt’s Art, Fashion, and Entertainment Hub. The yield on the U.S. 10-year Treasury note rose above 4.5% on Tuesday, its highest level in over a month, as investors responded to a temporary rollback in tariffs between the U.S. and China and reassessed the outlook for Federal Reserve policy easing. The move mirrors a sharp reversal from early April, when yields briefly dipped below 4.1% before climbing to a peak of 4.49%. Bitcoin, by comparison, is sitting just below its January all-time high, currently trading at $104,000, CoinGecko data shows. Analysts say the joint 90-day tariff reduction between Washington and Beijing has helped ease fears of a trade-driven recession, lifting risk sentiment and pushing long-end yields higher. Traders are now pricing in two rate cuts by year-end, down from four last week, even as April's inflation data came in below expectations. Firms may have stockpiled inputs ahead of the tariff window, muting the short-term impact on consumer prices. In other words, CPI inflation appeared softer not because inflationary pressure is gone, but because companies buffered the impact by acting early. The effects may show up in future months, once that stockpiled inventory runs out. Or so the thinking goes. “This choppiness reflects ongoing uncertainty around trade and fiscal policy, inflation, economic growth, monetary policy, geopolitical risks, and more,” David Lawant, head of research at FalconX, told Decrypt . “Bond market volatility has eased somewhat since April but remains elevated.” Higher real yields are traditionally seen as a headwind for non-yielding assets such as gold, and by extension, Bitcoin. That’s because real yields—the inflation-adjusted return on safe assets like U.S. Treasurys—represent the opportunity cost of holding non-yielding assets like gold or Bitcoin. But Lawant said Bitcoin’s evolving role in institutional portfolios may soften that relationship. “Bitcoin isn’t just another commodity; it is best understood as emerging digital gold,” he said. “As institutions start to grasp its unique properties, the price action should be driven more and more by the asset’s maturing identity.” He added that despite macro volatility, the structural investment case for crypto remains intact. “The long-term case for digital assets is becoming more concrete,” Lawant said, citing increased regulatory clarity and the rapid expansion of use cases such as stablecoins and tokenized real-world assets. Daily Debrief Newsletter

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.