Relative attractiveness of bonds means less incentive to invest in bitcoin. The leading cryptocurrency is considered a zero-yielding risk asset, by some observers.
Bitcoin and Wall Street's benchmark equity index, the S&P 500, appear on track to end the third quarter lower as a key metric shows the case for owning bonds over stocks and risk assets in general, is strongest since 2009.
The equity risk premium, the gap between the S&P 500’s earnings yield and the yield on the U.S. 10-year Treasury note, has declined to -0.58, the lowest since 2009, according to charting platform TradingView. The spread has averaged roughly 3.5 points since 2008.
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