Safe-haven buying pushed the U.S. 10-year Treasury yield below 5%, the first time since September 23.

On October 22, BIT (bit.com) market data showed that the U.S. 10-year Treasury yield fell below 5%—its first time since September 23—and dropped 14.97 basis points on the day. The key catalyst behind this break below 5% was a broad-based selloff in tech and AI-related stocks, prompting capital rotation into safe-haven assets like Treasuries—reigniting the classic “see-saw” dynamic between equities and bonds. Earlier, the yield had surged to multi-year highs amid persistent inflation and rising supply of fiscal debt; more recently, however, it has seen a temporary pullback as market risk appetite waned. While lower long-end yields may somewhat ease corporate financing costs and asset valuation pressures, the current yield level remains elevated in absolute terms—and this leg down is driven primarily by weakness in risk assets, not by improved growth prospects or a clear pivot in monetary policy. As such, the signal for high-risk assets like cryptocurrencies is closer to short-term neutral-to-cautious.