yield spread between a safe asset and a riskier one is an expression of the required return per unit of risk
higher yield spreads, means risker bonds are significantly cheaper than US Treasury bonds, thus the market is valuing safe assets with a premium - a "risk-off" signal
yield spreads between US Treasuries and riskier bonds mirror the price of Bitcoin
in practice, there is a correlation between them:
๐ yield spreads up = โฌ๏ธ BTC down
๐ yield spreads down = โฌ๏ธ BTC up
why? because those spreads are proxy for market's risk appetite