Analysis: Rising U.S. Bond Yields Weaken Market Appetite for Bitcoin Allocation

Odaily Planet Daily News Analysis suggests that rising yields on U.S. Treasury bonds and bonds from other major global economies are weakening the market's willingness to allocate capital to high-risk, non-yielding assets like Bitcoin. At the same time, due to the situation in Iran, concerns over potential supply disruptions in the Strait of Hormuz are intensifying, and some speculative funds are flowing into commodity markets such as crude oil, copper, and sulfur.

Market data shows that Bitcoin has fallen over 3% in the past 24 hours, dropping approximately 10% from its recent high of around $82,500 on May 6. During this market decline, U.S. spot Bitcoin ETFs have continued to experience capital outflows. Listed spot Bitcoin ETFs in the U.S. saw net outflows of approximately $1.26 billion this week, marking the largest single-week capital outflow since January. The previous week's outflow was also close to $1 billion, bringing the total net outflow over the past two weeks to over $2.26 billion.

Additionally, there is a view in the market that capital might be shifting towards trades related to SpaceX's potential IPO. Currently, some blockchain-based derivatives for the SpaceX IPO pre-market have generated trading volumes worth millions of dollars. (CoinDesk)