if you overlay Bitcoin's price history over those yield spreads, you will notice a significant level of correlation ⬆️ Bitcoin appreciates when spreads are lowering and/or low ⬇️ Bitcoin depreciates when spreads are increasing and/or high makes sense - Bitcoin is a risk asset
thus, you interpret yield spreads between US Treasuries and riskier bonds as: 📈 increasing/high yield spread = risk-off 📉 lowering/low yield spread = risk-on