BTC Market Structure Weakens Amid Rising Treasury Yields

Bitcoin's internal market structure has weakened, with increased coin inflows to exchanges and reduced demand for U.S. spot ETFs, leading to a 'WAIT' signal from CryptoQuant analyst Axel Adler Jr.

The seven-day exchange net flow flipped from an outflow of 11,200 BTC to an inflow of 12,700 BTC, a reversal of 23,900 BTC, or $1.54 billion at the week's close.

The 10-year Treasury yield has risen by 14 basis points, which is seen as a 'biggest liquidity indicator' by Adler.

Institutional flow was positive but shrank, with seven-day net flow into ETFs falling to 373 BTC, or around $24 million, from 943 BTC, or roughly $61 million, a week earlier.