Block said the number of Square merchants accepting bitcoin payments has surpassed 808,000. The company added that new businesses are adopting BTC payments at a pace of roughly one every eight seconds.

Bitcoin traders are fixated on the Federal Reserve, but this week's more decisive signal may come from U.S. Treasuries. The 10-year yield has spent April in one of its tightest ranges of the year, just as a heavy run of macro releases arrives. With Bitcoin's rebound increasingly tied to renewed institutional inflows and the assumption that liquidity conditions will not tighten again, a break in bonds could steer crypto's next move even without a crypto-specific catalyst. FRED data show the 10-year yield held between 4.26% and 4.35% from Apr. 1 through Apr. 24, ending Apr. 24 at 4.31%. Barron's flagged the narrowest Bollinger Band compression since Jan. 16, while Reuters' technical view places the yield inside a broader symmetrical triangle, a pattern that often precedes a sharp move. By Apr. 27, the yield had ticked back toward 4.32%, as commodity prices and geopolitical risks fed inflation expectations—factors that can push rates in ways the Fed does not directly control. The potential trigger is a tight two-day macro cluster: the FOMC meets Apr. 28–29; on Apr. 30 the BEA releases the advance first-quarter GDP estimate along with March Personal Income and Outlays and the PCE deflator, and the Employment Cost Index also prints that morning. Three major readings in two days are enough to shift Treasuries materially and, with them, the financial-conditions backdrop Bitcoin is leaning on. Institutional demand has been rebuilding into a fragile technical zone. CoinShares reported $1.2 billion of inflows into crypto investment products last week—the fourth straight positive week and the third consecutive week above $1 billion. Of that, $933 million went to Bitcoin and $192 million to Ethereum, lifting total assets under management to $155 billion. Farside Investors' daily figures show U.S. spot Bitcoin ETFs logged nine consecutive positive sessions from Apr. 14 to Apr. 24, totaling more than $2 billion of inflows. The risk is timing: buyers may be returning just as the bond market is about to pick a direction. CoinShares' Mar. 23 note highlighted how quickly flows can reverse when rates reprice: weekly inflows slowed sharply and crypto products saw $405 million of post-FOMC outflows once markets interpreted that meeting as a hawkish pause. That episode matters again as Bitcoin approaches the $80,000 area with the same unresolved variable—what Treasuries do next. On-chain data underline why the next leg may be sensitive. Glassnode's Apr. 22 update said Bitcoin reclaimed the True Market Mean at $78,100, while the short-term holder cost basis sits at $80,100 as the immediate resistance ceiling. ETF flows have turned modestly positive again and spot demand shows early recovery, but short-term holder realized profit has jumped to $4.4 million per hour. Glassnode also noted implied and realized volatility have compressed, leaving little premium in options pricing. Key levels are now clearly defined. Sustained demand through $80,100 would signal institutional buying is deep enough to absorb profit-taking. A rejection that pushes BTC back toward $78,100 would make the True Market Mean the last major support before Glassnode's $75,000 downside-acceleration zone comes into view. Two rate-driven outcomes frame the week. A bullish setup would be yields moving lower: if the 10-year closes below the April floor near 4.26% and breaks Reuters' 4.23% technical pivot, the macro backdrop becomes more supportive for risk assets. Lower yields ease discount-rate pressure and favor liquidity trades, giving the recent $1.2 billion weekly inflow pace a better chance of pushing BTC through $80,100 and holding. The October 2025 peak AUM of $263 billion remains the benchmark for how much institutional re-engagement could still grow. A bearish setup would be yields breaking higher: if the 10-year moves above 4.35% and heads toward Reuters' 4.6% upside resolution area, financial conditions tighten as Bitcoin presses into a profit-heavy zone where more than 54% of recent buyers are in the green. BTC could stall at $80,100, profit-taking could intensify from the $4.4 million-per-hour pace, and sellers could test $78,100. A break there would put $75,000 in play, reframing the inflow streak as capital that arrived before the bond market "closed the door". In short, Bitcoin's next move may originate in the Treasury market. Institutional demand has returned across multiple channels, but it is arriving before bonds have clarified whether macro conditions will help or hinder. Falling yields would materially improve the odds of clearing $80,000 and validate the institutional thesis; rising yields would shift the deciding factor to duration repricing and could sink the rally on macro pressure alone.