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Bitcoin faces ETF outflows, Senate delays and higher Treasury yields
U.S.-listed spot bitcoin ETFs pulled $333 million in net outflows so far this week, while a $25 billion 30-year Treasury auction pushed yields as high as 5.22%.
Top cryptocurrencies fell as investors digested a worsening regulatory and macro backdrop, with bitcoin under pressure around $62,880 and XRP hovering near $1, according to CoinDesk.
CoinDesk reported that progress on the Clarity Act has stalled in the Senate, and the SEC is reportedly set to further delay its long-anticipated innovation exemption. The SEC also postponed a planned open meeting tied to its parallel “Reg Crypto” effort to create fundraising rules for token projects, leaving investors facing uncertainty over tokenized securities and crypto fundraising.
Adding to the pressure, CoinDesk said spot bitcoin ETFs reversed course with $333 million in net outflows so far this week, after last week’s $853 million inflow, and investors have withdrawn more than $4 billion on a year-to-date basis.
The macro headwind is also growing, with CoinDesk pointing to Treasury notes that underpin global finance. A $25 billion auction of the U.S. 30-year note on Thursday drew yields as high as 5.22%, a move that raises capital costs and the opportunity cost of holding assets like bitcoin that do not pay yield, leaving CoinDesk’s outlook cautious on near-term upside.
Latest closeBitcoin $62,607.50 ▼1.2%|XRP $1.002 ▼0.6%