Analysis: Rising U.S. Treasury Yields Weaken Market Appetite for Bitcoin Allocation
Odaily reports that analysis suggests the rising yields of U.S. Treasury bonds and those of other major global economies are weakening the market's willingness to allocate to high-risk, non-yielding assets like Bitcoin. Meanwhile, fueled by the situation in Iran, concerns over potential supply risks from the Strait of Hormuz are intensifying, prompting some speculative capital to flow into commodity markets such as crude oil, copper, and sulfur.
Market data shows Bitcoin has fallen over 3% in the past 24 hours, down approximately 10% from its recent high of around $82,500 on May 6th. Amidst the market decline, U.S. spot Bitcoin ETFs have continued to experience capital outflows. U.S.-listed spot Bitcoin ETFs saw net outflows of approximately $1.26 billion this week, the largest single-week capital exodus since January. The previous week also saw outflows of nearly $1 billion, with cumulative net outflows over the two weeks exceeding $2.26 billion.
Additionally, there is a perspective in the market that capital might be shifting towards trades related to SpaceX's potential IPO. Currently, volumes for some blockchain-based derivatives trading in the pre-market for a SpaceX IPO have reached millions of dollars. (CoinDesk)
