Analysis: Rising US Treasury yields dampen market appetite for bitcoin allocation
According to Odaily, analysis suggests that the rising yields on US Treasury bonds and major global economy bonds are weakening the market's willingness to allocate to high-risk, non-interest-bearing assets such as Bitcoin. At the same time, due to the situation in Iran, concerns about potential supply risks in the Strait of Hormuz are growing, and some speculative funds are flowing into the commodity markets for crude oil, copper, and sulfur.
Market data shows that Bitcoin has fallen more than 3% in the past 24 hours, retreating about 10% from its stage high of approximately $82,500 on May 6. Amid the market downturn, US spot Bitcoin ETFs have continued to see outflows. US-listed spot Bitcoin ETFs had a net outflow of about $1.26 billion this week, marking the largest single-week capital outflow since January this year. The previous week also saw nearly $1 billion in outflows, with the two-week cumulative net outflow exceeding $2.26 billion.
In addition, there are views in the market that funds may shift to potential SpaceX IPO-related trades. Currently, the trading volume of some blockchain-based SpaceX IPO pre-market derivatives has reached several million dollars. (CoinDesk)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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