Bitcoin hit an all-time high against the BlackRock U.S. Treasury Bond ETF, according to Van Straten data. Last week, BTC traded at a record 800 times the value of the BlackRock iShares 20+ Year Treasury Bond ETF (TLT) as it approached its all-time high of over $73,000 set in March. That figure is higher than the 466 times that BTC last peaked at in November 2021. BlackRock's Long-Term U.S. Treasury Bond ETF (TLT) has fallen 8% so far this year, while Bitcoin has risen 55%.Analysts at Van Straten say a lack of incentive for price increases could be the reason, with TLT having total assets of $60 billion. The relative performance could indicate that investors may be shifting some of their portfolios from long-term U.S. Treasuries to Bitcoin.