Bitcoin Losing ground quickly as investors pull billions of dollars out of US-listed spot ETFs
The world’s largest cryptocurrency fell to $74,305 earlier in the week, its lowest level since April 20, according to data from CoinDesk. At the time of writing, BTC was down more than 3% over the past 24 hours and about 10% below its recent high of $82,500 reached on May 6.
The sell-off results in a significant rise in U.S. Treasury yields and a parallel rise in government bond yields in developed markets, reducing appetite for high-risk, zero-yielding assets like bitcoin.
Investors pulled $1.26 billion from U.S. spot Bitcoin ETFs this week, the biggest one-week outflow since January, following nearly $1 billion last week. In total, the funds have seen more than $2.26 billion in redemptions over the past two weeks.
Meanwhile, commodities like oil, copper, and sulfur are watching A huge flow of speculative money As the Iran conflict is causing potential supply disruptions through the Strait of Hormuz, prices are rising in the markets.
One theory also points to capital being redirected to SpaceX’s anticipated IPO, with several blockchain-based premarket derivatives linked to the event already seeing millions of trading volumes on blockchain-based platforms.