Bitcoin Slides Under $77K as Crypto Liquidations Top $672M Amid Bond Sell-Off
Bitcoin dropped to a three-week low as rising U.S. Treasury yields triggered large outflows from spot Bitcoin ETFs and widespread crypto liquidations. The 10-year Treasury yield hit 4.63%, its highest since early 2025, increasing pressure on risk assets. U.S. spot Bitcoin ETFs saw $1 billion in outflows during the week ending May 15—the largest since late January—while total crypto market liquidations topped $672 million. Analysts note that geopolitical events now affect crypto indirectly, primarily through their impact on Treasury yields, which in turn influence market risk appetite and ETF flows. Bitcoin traded around $76,770, down 2% in 24 hours. Prediction markets have reduced the probability of an imminent rally to $84,000 from 89% to 74%. Analysts warn that if Bitcoin falls below $77,000 with high derivative market activity, a further drop to $70,000 or lower could occur. Weak organic demand at current prices, especially compared to equity markets fueled by AI optimism, suggests potential for further declines if the broader market sentiment weakens.
