Fund flows aren’t helping either. Spot bitcoin ETFs are bleeding again, with U.S.-listed funds shedding $333 million in net outflows so far this week. That reverses course from last week’s $853 million of inflows, which had hinted at returning institutional demand. On a year-to-date basis, investors have yanked over $4 billion from these funds.
Meanwhile, adding to the pressure are Treasury notes, which underpin global finance. On Thursday, a $25 billion auction of the U.S. 30-year note drew yields as high as 5.22%, according to the Treasury Department, a level some dealers called the highest since 2001. Rising long-term yields make capital costlier and raise the opportunity cost of holding non-yielding assets like bitcoin, a dynamic that compounds an already shaky backdrop.
Taken together, stalled legislation, weak ETF demand and climbing yields suggest little room for an outright rally in cryptocurrencies, leaving majors such as XRP…
