- U.S. Treasury yields climbed after weak auctions, with the 10-year at 4.283% and a wider 2s10s curve spread.
- Mexico’s Cetes offered mixed rates, all above inflation, preserving positive real returns.
- Bitcoin and gold top 2025 performance tables; BTC’s long-term return still dwarfs major assets.
- DeFi protocol Pendle hit record TVL as its new "Boros" platform tokenizes and trades yield.
Markets put “performance” front and center as investors weighed bond auctions, inflation signals, and the rapidly evolving ways to trade yield across traditional and crypto assets. Explorar más sobre yield farming.
From U.S. Treasuries and Mexico’s Cetes to Bitcoin, gold, and DeFi, returns and rates shifted notably this week, setting the tone ahead of key macro data and keeping the spotlight on how investors seek yield in different regimes.
Bonds: U.S. Treasury yields swing ahead of CPI
After a choppy stretch, U.S. yields finished the week higher as tepid demand in roughly $125 billion of auctions nudged rates up before next week’s inflation readings. Para entender cómo estos movimientos afectan el rendimiento de tus inversiones, revisa las mejores estrategias en performance y correlación de mercado.
The 10-year note rose 3.9 bps to 4.283%, delivering a 6.5 bps weekly gain — its first weekly advance in three weeks and the biggest since early July.
Long-end moves echoed that tone: the 30-year yield climbed 4.1 bps to 4.853%, up 4.9 bps on the week after two straight weekly declines.
At the front end, the 2-year yield added 2.2 bps to 3.756%, up 5.8 bps on the week — its largest weekly rise since the period ending July 3 — while the closely watched 2s10s spread traded near 52.5 bps.
Earlier in the week, softer labor indicators had pulled yields lower, while a services report hinted at reheating price pressures. St. Louis Fed President Alberto Musalem noted that policymakers must balance risks to inflation and employment when deciding whether rate cuts are appropriate, with the upcoming CPI likely to be pivotal for expectations.
Mexico money market: Cetes rates and real returns
In Mexico, Cetes saw mixed moves at Tuesday’s auction as traders positioned for Banxico’s decision with the policy rate at 8% and many expecting a 25 bps trim. Para mantener tu inversión con un rendimiento real positivo, es recomendable seguir de cerca las tasas de los Cetes y su evolución.
The 28-day Cete ticked up 0.02 pts to 7.5%, mientras que el de 91 días cayó 0.12 a 7.8%. Tenors of 182 and 350 days eased to 7.94% y 8.04%, respectivamente.
With annual inflation running at 3.55% (INEGI), every current Cete tenor still offers positive real yield, making them particularly attractive for savers focused on preserving purchasing power.
Crypto performance: Bitcoin and gold lead 2025
Bitcoin slipped 0.11% in the past 24 hours to $116,702 yet remains up 25% year-to-date, trailing only gold’s 29% gain among major asset classes cited by strategist Charlie Bilello. Si quieres ampliar tu estrategia de rendimiento en criptomonedas, puedes consultar .
Both have outpaced broad benchmarks: emerging markets equities (VWO +15.6%), the Nasdaq 100 (QQQ +12.7%), and U.S. large caps (SPY +9.4%), while mid-caps (MDY +0.2%) and small caps (IWM +0.8%) lag markedly.
It’s the first time since Bilello’s dataset began that gold and Bitcoin occupy the top two spots in the annual asset-class rankings, underscoring how different macro backdrops can shuffle leaders.
On a longer horizon, the gap is staggering: since 2011, Bitcoin’s cumulative return near 38,897,420% dwarfs gold’s 126% and even the Nasdaq 100’s 1,101%, with U.S. large caps at 559%, mid-caps 316%, small caps 244%, and EM equities 57%. Para entender cómo aprovechar el rendimiento de estas criptomonedas, revisa nuestro análisis de .
Since 2011, Bitcoin has averaged 141.7% per year, compared to gold’s 5.7%, the Nasdaq 100’s 18.6%, and U.S. large caps at 13.8%, with other major benchmarks ranging between 4.4% y 16.4%.
Veteran trader Peter Brandt contrasts gold’s role as a store of value with Bitcoin’s potential to outpace fiat alternatives over time, mientras los traders observan si BTC puede testear ~$123,000 en un entorno de mayor apetito de riesgo y datos macroeconómicos.
Tokenized yield: Pendle’s “Boros” and funding-rate trades
DeFi’s quest to package returns accelerated as Pendle’s TVL hit a record $8.27B, with its PENDLE token jumping 45% on the week to about $5.6 after launching a new yield-trading venue dubbed “Boros.” Conoce más sobre yield farming y rendimiento en DeFi.
With Bitcoin funding rates averaging around ~10% annualized this week and roughly $80B in open interest, billions flow each year between long and short positions — flows Boros seeks to tokenize.
Boros wraps those cash flows into on-chain Yield Units (YUs), enabling traders to take directional bets on rates and strategies like hedging floating funding with fixed, or locking elevated yields during volatile periods.
Early activity included deposits of about 283 WETH (~$1.1M) and 6.4 WBTC (~$750K) into vaults over its first two days, along with increased Pendle activity on Arbitrum to 1,428 active addresses, according to TheTie.
While Boros currently supports BTC and ETH funding, plans include staking rewards and tokenized Treasuries. Pendle también ha integrado con Hyperliquid; since then, Kinetiq’s kHYPE liquid staking token on HyperEVM has attracted ~$221M in TVL, y PENDLE ha superado al mercado en general, como indica el CoinDesk 20.
En un panorama en el que las tasas tradicionales reaccionan a la demanda en las subastas y a los riesgos de inflación, los Cetes mantienen rendimientos reales positivos, y las finanzas digitales siguen descomponiendo y negociando la estructura de los flujos de efectivo, la búsqueda de rendimiento continúa transformando las carteras y las herramientas disponibles.
