Bitcoin (BLT) has reached a record high against BlackRock's long-term U.S. Treasury bond ETF (TLT), climbing 55% this year while TLT has dropped 8%. As investors seek higher returns amidst economic uncertainty, Bitcoin's market dominance surged to 60.56%, indicating a shift from riskier altcoins to Bitcoin ahead of the U.S. election. Currently, Bitcoin is trading at an unprecedented 800 times the value of TLT, compared to 466 during its last peak in November 2021. The decline in Treasury yields and persistent inflation have made traditional safe-haven assets less appealing, prompting a reallocation towards Bitcoin. This trend suggests Bitcoin is perceived as a relatively safe asset in current financial markets, reinforced by the success of U.S.-listed spot ETFs, serving as a potential hedge for investors amid ongoing global economic challenges.

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