U.S.-listed spot Bitcoin exchange-traded funds have recorded more than $2.26 billion in net outflows over the past two weeks, signaling mounting pressure on crypto market sentiment.
Bitcoin (BTC) has been under sustained selling pressure as investors continue to withdraw capital from spot ETF products. The leading cryptocurrency briefly dropped to $74,305 early Saturday, its lowest level since April 20, according to CoinDesk data. At the time of writing, BTC was down over 3% in the past 24 hours and roughly 10% below its recent peak above $82,500 reached on May 6.
The decline has coincided with a broader rise in U.S. Treasury yields, alongside higher sovereign bond yields in other developed economies, reducing demand for non-yielding, higher-risk assets such as Bitcoin.
ETF flow data highlights the scale of the move, with $1.26 billion withdrawn from U.S. spot Bitcoin ETFs this week alone—the largest weekly outflow since January—following approximately $1 billion in redemptions the previous week.
In parallel, commodity markets including oil, copper, and sulfur have attracted increased speculative inflows, as traders price in potential supply disruptions linked to tensions around the Strait of Hormuz amid the ongoing Iran conflict.
Some market observers also suggest that capital rotation may be contributing to the weakness, with funds potentially shifting toward anticipation of SpaceX’s future IPO. Blockchain-based pre-market derivatives tied to the listing have already seen notable trading activity across decentralized platforms.
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