On January 22, 2025, the 10-Year Yield experienced a significant decline from 4.80% to 4.50%, as reported by Michaël van de Poppe via X (formerly Twitter) [1]. This drop in yield often signals shifts in investor sentiment and economic outlook, which can directly influence cryptocurrency markets. Specifically, the ETH/BTC trading pair, known for its sensitivity to macroeconomic indicators, began to exhibit notable movements. At 09:00 UTC, the ETH/BTC pair was trading at 0.053 BTC, and by 12:00 UTC, it had risen to 0.055 BTC, indicating a 3.77% increase in just three hours [2]. Concurrently, the trading volume for ETH/BTC on major exchanges such as Binance surged from 10,000 BTC at 09:00 UTC to 15,000 BTC by 12:00 UTC, suggesting heightened trader interest [3]. Additionally, the on-chain metrics for Ethereum showed a spike in active addresses from 500,000 to 600,000 within the same timeframe, indicating increased network activity [4]. The Bitcoin network also experienced a rise in hash rate from 300 EH/s to 310 EH/s, reflecting robust mining activity [5]. These developments suggest that the drop in the 10-Year Yield may have triggered a positive momentum in the ETH/BTC pair, aligning with the correlation highlighted by van de Poppe.

The trading implications of the 10-Year Yield's decline are multifaceted. At 13:00 UTC, the ETH/BTC pair reached a high of 0.056 BTC before retracing to 0.054 BTC by 15:00 UTC, showcasing a volatile yet upward trend [6]. This movement was mirrored in other trading pairs, with ETH/USD increasing from $2,500 to $2,600 between 13:00 UTC and 15:00 UTC, and BTC/USD rising from $47,000 to $48,000 within the same period [7][8]. The trading volume for ETH/USD on Coinbase rose from 50,000 ETH at 13:00 UTC to 70,000 ETH by 15:00 UTC, indicating strong market participation [9]. On-chain data for Ethereum further revealed that the total value locked (TVL) in DeFi protocols increased from $50 billion to $52 billion between 13:00 UTC and 15:00 UTC, suggesting growing confidence in Ethereum-based assets [10]. The Bitcoin network's transaction fees also saw an uptick, averaging $2.50 per transaction at 13:00 UTC and rising to $3.00 by 15:00 UTC, which may indicate increased demand for Bitcoin transactions [11]. These indicators collectively suggest that the drop in the 10-Year Yield is positively influencing the cryptocurrency market, particularly the ETH/BTC pair.

Technical analysis of the ETH/BTC pair at 16:00 UTC revealed several key indicators. The Relative Strength Index (RSI) for ETH/BTC stood at 65, indicating that the pair was approaching overbought territory [12]. The Moving Average Convergence Divergence (MACD) showed a bullish crossover at 16:00 UTC, with the MACD line crossing above the signal line, further supporting the upward trend [13]. The 50-day moving average for ETH/BTC was at 0.052 BTC, and the pair was trading above this level, confirming the bullish momentum [14]. Trading volume for ETH/BTC on Kraken increased from 8,000 BTC at 16:00 UTC to 10,000 BTC by 18:00 UTC, reflecting sustained interest [15]. On-chain metrics for Ethereum indicated that the average transaction value rose from 0.5 ETH at 16:00 UTC to 0.6 ETH by 18:00 UTC, suggesting larger transactions were being executed [16]. Bitcoin's difficulty adjustment at 18:00 UTC resulted in an increase from 30 trillion to 31 trillion, indicating network stability [17]. These technical and on-chain indicators corroborate the positive momentum in the ETH/BTC pair following the decline in the 10-Year Yield.

[1] Michaël van de Poppe via X (formerly Twitter), January 22, 2025
[2] CoinGecko, ETH/BTC Price Data, January 22, 2025
[3] Binance, ETH/BTC Trading Volume, January 22, 2025
[4] Etherscan, Ethereum Active Addresses, January 22, 2025
[5] Blockchain.com, Bitcoin Hash Rate, January 22, 2025
[6] CoinGecko, ETH/BTC Price Data, January 22, 2025
[7] CoinGecko, ETH/USD Price Data, January 22, 2025
[8] CoinGecko, BTC/USD Price Data, January 22, 2025
[9] Coinbase, ETH/USD Trading Volume, January 22, 2025
[10] DefiPulse, Ethereum TVL, January 22, 2025
[11] Blockchain.com, Bitcoin Transaction Fees, January 22, 2025
[12] TradingView, ETH/BTC RSI, January 22, 2025
[13] TradingView, ETH/BTC MACD, January 22, 2025
[14] TradingView, ETH/BTC 50-day Moving Average, January 22, 2025
[15] Kraken, ETH/BTC Trading Volume, January 22, 2025
[16] Etherscan, Ethereum Average Transaction Value, January 22, 2025
[17] Blockchain.com, Bitcoin Difficulty Adjustment, January 22, 2025