Bitcoin has plummeted to approximately $74,300, marking a decline of over 10% from its peak in early May, as the rising yields on U.S. and global bonds diminish interest in riskier assets that yield no returns.
Over the past two weeks, U.S.-listed spot bitcoin exchange-traded funds have experienced outflows exceeding $2.26 billion.
By Omkar Godbole May 23, 2026, 10:19 a.m. 1 min read
BTC's price slide. (CoinDesk)
Key Points:
- The price of Bitcoin has fallen to around $74,300, which is more than 10% lower than its early May high, primarily due to increasing U.S. and global bond yields affecting demand for riskier, zero-yielding assets.
- U.S.-listed spot bitcoin ETFs have recorded outflows totaling more than $2.26 billion in the last two weeks.
- Speculative investments are now shifting towards commodities likely to face supply disruptions and pre-IPO investments in SpaceX.
Currently, Bitcoin BTC$76,462.46 is experiencing significant losses as billions are withdrawn from U.S.-listed spot ETFs.
The largest cryptocurrency fell to $74,305 early Saturday, hitting its lowest mark since April 20, according to CoinDesk data. At this point, BTC was down over 3% in the last 24 hours and nearly 10% below the recent high of more than $82,500 achieved on May 6.
This downturn coincides with a sharp rise in U.S. Treasury yields and similar increases in government bond yields across developed nations, which have reduced the appeal of high-risk, non-yielding assets like bitcoin.
Investors have pulled out $1.26 billion from U.S. spot Bitcoin ETFs this week, marking the largest single-week outflow since January, following approximately $1 billion in outflows the week prior. Over the last two weeks, total redemptions have surpassed $2.26 billion.
At the same time, commodities such as oil, copper, and sulfur are attracting increased speculative investment as markets factor in potential supply disruptions in the Strait of Hormuz due to the ongoing conflict with Iran.
Some analysts suggest that funds are being redirected to SpaceX’s upcoming IPO, as several blockchain-based pre-market derivatives related to the event are already seeing millions in trading volume on blockchain platforms.
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