Bitcoin Hits $81K as US Bond Yields Surge on Oil Supply Shock
In brief
- Bitcoin reached $81,034 on Bitstamp during Friday's Wall Street open
- US 30-year bond yields climbed 90 basis points to 5.34%
- WTI crude fell to $94.8 before recovering amid energy concerns
- Cross-crypto short liquidations totaled $250 million in four hours
- IEA warned of potential oil usage cuts as Strait of Hormuz flows remain constrained
Oil Supply Pressures Drive Market Moves
WTI crude fell to lows of $94.8 per barrel before climbing again during the Asia trading session. The volatility stems from ongoing constraints in the Strait of Hormuz, a critical chokepoint for global energy flows. Oil flows through Hormuz were calculated at 7.6 million barrels per day in August, down 13.1 million barrels from pre-conflict levels.
The International Energy Agency warned that countries may have no choice but to cut usage if supply remains constrained. The agency previously released 400 million barrels from its emergency reserves in March amid the Strait closure, a measure that temporarily eased prices but offered only partial relief.
Bitcoin's Technical Levels
Bitcoin's price action reclaimed key technical ground on Friday. The asset now sits above its True Market Mean of $76,660 — the aggregate cost basis of all coins acquired on secondary markets. The corporate treasury cost basis sits at $80,500, reinforcing the significance of the $81K level.
Cumulative cross-crypto short liquidations sat near $250 million over four hours, suggesting sharp positioning adjustments as yields moved higher. The correlation between bond yields and crypto volatility remains pronounced as markets digest energy-driven inflation risks.
