Bitcoin BTC $ 75,231.48 is rapidly losing ground as investors pull out billions of dollars from U.S.-listed spot ETFs
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The world’s largest cryptocurrency fell to $74,305 early Saturday, its lowest level since April 20, data.
Key facts
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, data
Bitcoin BTC $ 75,231.48 is rapidly losing ground as investors pull out billions of dollars from U.S.-listed spot ETFs
One theory also points to capital being redirected toward SpaceX’s anticipated IPO, with several blockchain-based pre-market derivatives tied to the event already seeing millions in trading volume
Summary
Bitcoin has fallen to about $74,300, more than 10% below its early May peak, as rising U.S. and global bond yields sap demand for riskier, zero-yield assets. U.S.-listed spot bitcoin exchange-traded funds have seen more than $2.26 billion in outflows over the past two weeks. Speculative capital focuses on commodities exposed to potential supply disruptions and to pre-IPO bets on SpaceX. Bitcoin BTC $ 75,231.48 is rapidly losing ground as investors pull out billions of dollars from U.S.-listed spot ETFs.