Bitcoin Tumbles Below $85K as Treasury Yields Soar
Bitcoin's price slipped below $85,000 after failing to break through the $87,000 resistance level. This decline comes despite significant inflows into spot exchange-traded funds (ETFs), which saw net inflows of over $714 million on Tuesday. The 10-year Treasury yield surged to its highest level since 2007, causing traders to price in a nearly 60% chance of another 25-basis-point rate hike next month.
A total of 132,639 traders were liquidated in the past 24 hours, resulting in losses of $582.9 million, according to Coinglass data. Meanwhile, some analysts are warning that Bitcoin may retest its low point at around $60,000 before reaching $100,000.
Notable developments include analyst Aditya Sood admitting that his rate-hike thesis 'was not rooted in the data', and XRP potentially repeating its 2016 pattern with a 50x rally. Additionally, Kalshi has rejected claims of wash trading in its Ethereum perpetuals market, but some traders are warning of unusual activity.