Bitcoin Price Sinks Below $76K Amid Negative Demand and Global Market Volatility

Bitcoin's price dropped to $76,400 in early European trading hours on Wednesday before reclaiming $77,000. This move came after US spot Bitcoin exchange-traded funds (ETFs) recorded outflows of $236 million the day prior.

Data from CryptoQuant shows that Bitcoin's apparent demand has turned negative again, with the indicator measuring the difference between newly mined issuance and changes in inactive supply. Positive readings imply active spot demand, while negative ones suggest coins are aging into dormancy faster than miners issue them.

The global bond rout eased slightly as the US 10-year yield briefly dipped below 4.8%, but USD/JPY declined to 158.5 after some commentators speculated about another central bank intervention. Asian equities, including South Korea's KOSPI and Japan's Nikkei 225, suffered steep declines due to soaring oil prices and further profit-taking in the AI sector.