Saudi Arabia Canceled Europe's Oil Cargoes, WTI Hit $103, and Treasury Yields Reached 5%. Here’s Why Bitcoin Fell With Bonds

A Saudi pipeline shutdown sent oil surging and Treasury yields to heights not seen since 2007, and Bitcoin took the hit alongside bonds rather than acting as the safe haven many expected. The reasons why reveal something uncomfortable about where…

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Bitcoin (CRYPTO: BTC) trades near $75,000, down roughly 4% over the past 24 hours. The coin’s session low came as WTI crude jumped to $103.60 and the 10-year Treasury yield hit 5%, its highest level since 2007. Bitcoin moved with the bond market as rising oil prices revived inflation concerns.

The oil move began after Saudi Arabia shut its East-West pipeline following Houthi attacks and canceled September cargoes for European refiners. As supply tightened, markets quickly priced in fresh inflation risk, pushing Treasury yields higher and weighing on risk assets such as Bitcoin. 

The Senate also failed to advance the CLARITY Act, falling short of the 60 votes needed for cloture. The 49–50 vote triggered about $288 million in long-position liquidations, adding to Bitcoin’s decline and showing that crypto-specific developments were also driving the sell-off.