Bitcoin Sinks Below 7-Day Average as Treasury Yields Rise, Miner Selling Continues

Bitcoin (BTC) fell to an intraday low of $83,160 on September 25, slipping below its 7-day moving average. Despite a recent surge in inflows to U.S.-listed spot ETFs, rising U.S. Treasury yields and miner selling weighed heavily on the market.

The six-day cumulative total for U.S.-listed spot ETF inflows reached $2.8 billion (approximately ¥440 billion), turning year-to-date net inflows positive at approximately $800 million (approximately ¥130 billion). However, this influx of capital was not enough to overcome other sell pressures.

One such pressure point is the sharp rise in U.S. Treasury yields, which surpassed 5.22% on September 25, hitting its highest intraday level since 2007. This increase in risk-free assets has led to a decrease in capital flowing into risk assets like equities and cryptocurrencies.

Additionally, miner reserves declined by 1,640 BTC from 1,194,457 BTC at the close of September 17 to 1,192,817 BTC, indicating an estimated $140 million (approximately ¥22 billion) in selling. The Bitget exploit also weighed on sentiment in derivatives markets.

Despite these headwinds, market sentiment remains bullish with a Fear & Greed Index reading of 71 and elevated large investor activity. However, the focus now shifts to support at $82,700 and resistance at $87,400, with a decisive break above or below these levels potentially signaling further direction for BTC.