Bitcoin ETFs shed $649 million, driven by high US Treasury yields

U.S. spot Bitcoin ETFs recorded a $649 million net outflow. This represents one of the largest single-day withdrawals since January.

Institutional investors are pivoting toward cash and short-term fixed income. High US Treasury yields make non-yielding assets like Bitcoin less attractive.

Analysts describe the current market as a rally without conviction. Institutions are reportedly using price recoveries as opportunities to sell.

BlackRock’s IBIT and Grayscale’s GBTC remain major contributors to these outflows. US spot Ethereum ETFs also lost nearly $80 million during the same period.