What to know : Bitcoin has fallen to about $74,300, more than 10% below its early May peak, as rising U.S. and global bond yields sap demand for riskier, zero-yield assets. U.S.-listed spot bitcoin exchange-traded funds have seen more than $2.26 billion in outflows over the past two weeks. Speculative capital focuses on commodities exposed to potential supply disruptions and to pre-IPO bets on SpaceX.
Bitcoin is rapidly losing ground as investors pull out billions of dollars from U.S.-listed spot ETFs.
The world’s largest cryptocurrency fell to $74,305 early Saturday, its lowest level since April 20, according to CoinDesk data. As of writing, BTC was down more than 3% over the past 24 hours and approximately 10% below its recent high of over $82,500 reached on May 6.
The sell-off accompanies a notable upswing in U.S. Treasury yields and parallel increases in government bond yields across developed markets, which are reducing appetite for high-risk, zero-yielding assets like bitcoin.
Investors withdrew $1.26 billion from U.S. spot Bitcoin ETFs this week, the largest single-week outflow since January, following roughly $1 billion in outflows the previous week. In total, the funds have seen more than $2.26 billion in redemptions over the past two weeks.
Meanwhile, commodities such as oil, copper, and sulfur are seeing strong flows of speculative money as markets continue to price in potential supply disruptions through the Strait of Hormuz due to the Iran conflict.
One theory also points to capital being redirected toward SpaceX’s anticipated IPO, with several blockchain-based pre-market derivatives tied to the event already seeing millions in trading volume on blockchain-based platforms.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
