Bitcoin ETF Outflows Exceed $225 Million Amid Rising Bond Yields
A net outflow of $225 million from US spot Bitcoin ETFs has been recorded, bringing an end to two weeks of consecutive inflows. This development comes as institutional investors have shifted their focus towards US Treasury bonds due to rising bond yields.
The 10-year Treasury yield reached a high of 4.71%, its highest level in 18 months, driven by increasing oil prices and the ongoing US-Iran conflict. As a result, Bitcoin's price has fallen by over 3% in the last two days, with some investors attributing this decline to the conflict.
The outflow from spot Bitcoin ETFs was led by BlackRock's IBIT fund, which saw $202.5 million leave its coffers. Bitwise and Fidelity also reported significant outflows, while Morgan Stanley's MSBT fund recorded a relatively small inflow of $5 million.