US Treasury yields climbed to their highest level in 19 years on Thursday, reaching 5.18% on the 10-year note, while Bitcoin stabilized near $84,000 and the ONDO token surged following the launch of a BlackRock-backed tokenized portfolio product.

The 10-year Treasury yield, last seen at this level in July 2007, gained 70 basis points this month alone. The 30-year yield reached 5.46%. Higher yields typically make government bonds more attractive relative to non-yielding assets like Bitcoin, yet the largest cryptocurrency held its ground near the $84,000 level on the day, though it briefly dipped below $83,000 and struggled to reclaim $84,500.

Mohamed A. El-Erian, president of Queen’s College Cambridge, flagged a secondary pressure point: the Japanese yen weakening to 159 per US dollar, approaching established foreign exchange intervention thresholds. “Flying under many radars for now, but probably not for long: The Japanese Yen has weakened back to 159 per U.S. dollar, approaching the established FX intervention zone,” El-Erian wrote. He added that Japanese foreign exchange intervention typically involves selling US securities to buy yen, which could add further pressure to Treasury markets already under strain. International bond markets weakened broadly on the day.

Bitcoin’s price resilience occurred despite the yield headwinds. The cryptocurrency extended gains from an August rally, defying bearish predictions tied to Bitcoin’s traditional four-year market cycle.

ONDO Rallies on Portfolio Launch

The ONDO token emerged as a top performer among altcoins, reclaiming the $0.50 price level for the first time since December 2025. The rally coincided with the Thursday launch of Ondo Intelligent Portfolios on Ethereum and BNB Chain, backed by BlackRock.

The product allows non-US users to purchase tokenized shares in diversified portfolios. The first three tokens track model portfolio strategies developed by BlackRock: BLKHIon (High Income), BLKDIGon (Diversified Growth), and BLKGRWon (High Growth). The portfolios represent an expansion of real-world asset tokenization into structured investment products accessible via blockchain networks.

Regulatory Setback

The day’s market action came as the CLARITY Act failed to advance through a procedural vote in the US Senate. The measure had sought to establish clearer regulatory frameworks for digital assets.

The US Treasury also scheduled a $6 billion bond buyback in 20-30 year maturities, adding to the day’s fixed-income volatility.