Bitcoin prices dropped to $74,300 as U.S.-listed spot exchange-traded funds recorded $2.26 billion in outflows over two weeks amid rising global bond yields and shifting investor risk appetite.
Key Points
- Bitcoin fell to $74,305 on Saturday, marking a 10% decline from its May 6 peak of over $82,500.
- U.S. spot Bitcoin ETFs experienced $1.26 billion in outflows this week, the largest weekly redemption since January.
- Rising U.S. Treasury and global bond yields have reduced market demand for non-yielding assets like cryptocurrency.
- Speculative capital is shifting toward commodities like oil and copper, as well as pre-IPO derivatives tied to SpaceX.
- Bitcoin prices recovered slightly following President Trump’s announcement of a peace agreement involving Iran and the reopening of the Strait of Hormuz.