Bitcoin Slumps Below $85K Amid Treasury Yield Surge

Bitcoin has dropped below $85,000 after failing to break through the $87,000 resistance level. This comes despite significant inflows into spot ETFs, which saw net inflows of $714.8 million on Tuesday for Bitcoin and $162.3 million for Ethereum.

The 10-year Treasury yield surged to its highest level since 2007, reaching nearly 19-year highs. As a result, traders are now pricing in a nearly 60% chance of another 25-basis-point rate hike next month.

Meanwhile, other cryptocurrencies such as Ethereum, XRP, and Dogecoin have also fallen alongside Bitcoin. According to Coinglass data, 132,639 traders were liquidated in the past 24 hours for $582.90 million.