Crypto Market Plunges Amid Rising Bond Yields and Hack Fears

The cryptocurrency market experienced a decline today due to a combination of factors. The 10-year Treasury yield has risen, reaching a level 70 basis points above its April 2025 high, which is tied to former President Trump's tariff policy pause. This increase in bond yields makes safer assets more attractive than riskier ones like cryptocurrencies.

Ethereum ETFs also saw significant outflows today, with BlackRock and Fidelity pulling over $15 million combined, according to SoSoValue data. Meanwhile, the Bitget hack report shook trader confidence, as North Korea-linked actors are suspected in the roughly $350 million heist.

Bitcoin, Ethereum, and Chainlink all slid together, along with other smaller tokens. The global cryptocurrency figure stands at $2.94 trillion, with a 24-hour trading volume of $90.3 billion. Bitcoin dominance holds at 57.2%, while Ethereum's market share is 11.2%.

Analysts note that today's decline reflects the confluence of macroeconomic pressure and crypto-specific stress. The Ethereum ETF outflow, although significant in terms of absolute value, represents short-term caution among large buyers rather than a structural shift. The Bitget hack report adds to the trust concerns layered on top of the macro picture.