A significant shift in investor sentiment has emerged as Bitcoin’s performance lags behind US Treasury bonds for the year. This marks a departure from expectations of a record-breaking year for digital assets. Key takeaways include: Bitcoin’s underperformance against long-term Treasuries is particularly surprising, highlighting the growing risk aversion in the market. The Fear & Greed Index has plummeted to its lowest point this year, indicating widespread anxiety within the cryptocurrency market. Technical indicators like RSI and MACD suggest oversold conditions, potentially signaling a near-bottom scenario. Despite recent volatility, analysts remain confident that institutional investors are still bullish on Bitcoin as a long-term hedge. The comparison between Bitcoin and US Treasury bonds highlights how macroeconomic factors are increasingly shaping Bitcoin’s trajectory.