Five-Year Treasury Auction Yield Tops 5% as Crypto Allocations Hold

The five-year Treasury auction yield topped 5% on Sept. 23 as the U.S. government sold $70 billion of notes, while large institutions maintained crypto exposure through a roughly 50% market drawdown.

The auction produced a 5.033% high yield, and its bid-to-cover ratio fell to 2.21 from a prior six-month average of 2.33. The Treasury’s daily par-yield measure for the five-year note was 4.99% at about 3:30 p.m. ET (19:30 UTC), reflecting a different measurement method and timing.

Fifteen large institutions kept their crypto allocations intact during the decline spanning the fourth quarter of 2025 through the second quarter of 2026. Several increased their exposure.

Crypto represented between 0.5% and 13% of investable assets among the institutions, with most allocations ranging from 1% to 2%. The findings indicate that the surveyed institutions did not broadly withdraw from crypto during the drawdown.