10-Year Treasury Yield vs. Bitcoin Market Cap

About this chart

The line is the 10-year US Treasury yield, drawn month by month from January 2009. The sphere at its tip is bitcoin's market capitalization that month; its area is proportional to market cap, so a sphere with twice the area is twice the market cap. The animation runs the record over forty-one seconds, holds on the latest month for three seconds, and loops. The scrubber under the chart marks the years and pauses on any month, and the sphere scaling and the speed can be changed in the controls.

Method

Yield is the monthly average of the 10-year constant-maturity Treasury yield (FRED series GS10). Bitcoin market cap is month-end price multiplied by coins mined to that date; price from Coin Metrics community data through spring 2026 and from published monthly closes after that. Three notes mark moments found in the data: the yield's lowest month in the series (July 2020), its highest (October 2023), and bitcoin's highest month-end market cap (July 2025). The series ends at the latest complete month.

Data sources

Updated August 2026

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