Bitcoin tanks to $74,300 as spot ETFs bleed $2.26 billion in two weeks
Key takeaways
- The world’s largest cryptocurrency fell to $74,305 early Saturday, its lowest level since April 20, according to CoinDesk data.
- The sell-off accompanies a notable upswing in U.S.
- Investors withdrew $1.26 billion from U.S. spot Bitcoin ETFs this week, the largest single-week outflow since January, following roughly $1 billion in outflows the previous week.
The world’s largest cryptocurrency fell to $74,305 early Saturday, its lowest level since April 20, according to CoinDesk data. As of writing, BTC was down more than 3% over the past 24 hours and approximately 10% below its recent high of over $82,500 reached on May 6.
The sell-off accompanies a notable upswing in U.S. Treasury yields and parallel increases in government bond yields across developed markets, which are reducing appetite for high-risk, zero-yielding assets like bitcoin.
Investors withdrew $1.26 billion from U.S. spot Bitcoin ETFs this week, the largest single-week outflow since January, following roughly $1 billion in outflows the previous week. In total, the funds have seen more than $2.26 billion in redemptions over the past two weeks.