The latest market developments have seen Bitcoin's price take a significant hit, dropping to a low of $74,305 early Saturday morning. This marks a decline from its recent high of over $82,500 reached on May 6, and is the lowest level since April 20, according to CoinDesk data.
The sell-off in bitcoin has been accompanied by rising Treasury yields and government bond yields across developed markets. These increases have reduced appetite for high-risk assets like bitcoin, leading to a decline in its value.
Investors withdrew $1.26 billion from U.S. spot Bitcoin ETFs this week alone, the largest single-week outflow since January. The previous week saw roughly $1 billion in outflows, resulting in more than $2.26 billion being withdrawn over the past two weeks.