In today’s macro backdrop, the 10-year U.S. Treasury yield rose to 4.209%, a fresh high since early September, as markets await the Fed rate decision and economic projections. In the crypto markets, such yields influence risk appetite and can recalibrate liquidity for Bitcoin and other major tokens.

Even as traders largely price in a 25 basis point cut, concerns persist that the policy path offers limited room for additional easing. If the decision nudges yields higher, the initial reaction in crypto markets may be tempered, with short-lived profit-taking in leveraged trades.

TD Securities analysts expect the Fed to signal that future rate moves will hinge on incoming data; the market has largely baked in this stance. A post-announcement rally in yields could be capped, potentially triggering a brief pause in DeFi liquidity and a cautious tone across cryptocurrency markets.