Bitcoin Slips to $83K as Record ETF Buying Fails to Lift Price

Bitcoin's price has slipped back towards US$83,000 after a record-breaking week of ETF buying. Despite institutional investors pouring over US$2.39 billion into US spot Bitcoin exchange-traded funds, the cryptocurrency's value has declined by 1.24% in just one day.

The recent inflows are the largest seen this year, with BlackRock's iShares Bitcoin Trust being a major contributor. However, the influx of money has not been enough to push the price above US$85,000, suggesting that fresh institutional demand is meeting significant selling pressure around this level.

The higher global bond yields, particularly in the US 10-year Treasury yield, have also contributed to Bitcoin's weakness. As investors become more cautious and seek safer assets, the appetite for non-yielding and higher-risk assets like Bitcoin has decreased.

Altcoins such as Ethereum, XRP, and Solana have proven more resilient, with some even showing gains over the past month. However, Bitcoin remains the focal point of market attention, with US$83,000 now the immediate level in focus.