Crypto
Spot Bitcoin ETFs Drain $225M Amid Rising Treasury Yields
The US-listed spot Bitcoin ETFs recorded $225.18 million in net redemptions on July 24, according to Farside Investors data. This marked a shift from a seven-day period of positive flows that saw nearly $1 billion in inflows.
The BlackRock Bitcoin ETF (IBIT) led with a $202.5 million outflow, followed by Bitwise's BITB and Fidelity's FBTC. Morgan Stanley's MSBT recorded $5 million in inflows.
The spot Bitcoin ETF outflows come as institutions rotate to U.S. Treasuries amid rising bond yields. The benchmark 10-year Treasury yield (US10Y) reached about 4.71% on Friday, marking one of its highest levels in 18 months.