High Yield Sensitivity measures the asset's sensitivity to high yield corporate bond rates. It's designed to effectively capture the lead-lag relationship between the two assets. The index is normalized using a wide range of lookback windows in order to be easily modelable and interpretable. Elevated high-yield bond rates, often reflective of heightened risk premiums and tighter credit conditions, may exert dual pressures on Bitcoin’s market dynamics. As a non-yielding, risk-sensitive asset, Bitcoin could face headwinds in environments where rising junk bond yields signal investor preference for income-generating instruments or a broader flight to safety amid economic uncertainty. Higher borrowing costs and reduced liquidity, driven by central bank tightening cycles, may constrain speculative capital flows into cryptocurrencies, dampening Bitcoin’s near-term valuation.