Bitcoin has hit an all-time high against the BlackRock Treasury ETF, according to Van Straten data. Last week, as BTC neared its all-time high above $73,000 set in March, it traded at 800 times the value of the BlackRock iShares 20 + year Treasury ETF (TLT). This figure is higher than the 466 times that BTC last peaked in November 2021. BlackRock's long-term Treasury ETF (TLT) has fallen 8% so far this year, while bitcoin is up 55%. Van Straten analysts say the lack of incentive to price up could be the reason, with total TLT assets at $60 billion. Relative performance could suggest investors may shift some of their portfolios away from long-term Treasuries and into bitcoin.