Rising U.S. bond yields dampen Bitcoin allocation, ETFs see record outflows

ChainCatcher report: Analysis suggests that rising U.S. Treasury yields and increasing bond yields across major global economies are reducing investor appetite for high-risk, non-yielding assets like Bitcoin. Meanwhile, concerns over potential supply disruptions in the Strait of Hormuz due to the situation in Iran have intensified, prompting some speculative capital to flow into commodity markets such as crude oil, copper, and sulfur. Market data shows Bitcoin has declined over 3% in the past 24 hours and is down approximately 10% from its recent peak of around $82,500 on May 6. Amid the market downturn, U.S. spot Bitcoin ETFs have continued to experience outflows. This week, U.S.-listed spot Bitcoin ETFs recorded net outflows of approximately $1.26 billion—the largest weekly outflow since January this year—with the prior week’s outflows nearing $1 billion. Combined, net outflows over the past two weeks have exceeded $2.26 billion. Additionally, there is growing speculation that capital may be shifting toward potential trading opportunities related to SpaceX’s upcoming IPO, with trading volumes in blockchain-based pre-IPO derivatives for SpaceX already reaching millions of dollars.