Bitcoin drops to $74,300 as spot ETFs experience $2.26 billion in outflows over two weeks. U.S.-listed spot bitcoin exchange-traded funds have recorded outflows exceeding $2.26 billion in the last fortnight. What to know: — Bitcoin has decreased to around $74,300, over 10% lower than its peak in early May, as increasing U.S. and global bond yields diminish the appeal of riskier, non-yielding assets. — U.S.-listed spot bitcoin exchange-traded funds have reported over $2.26 billion in outflows in the past two weeks. — Speculative investments are now gravitating towards commodities that may face supply disruptions and pre-IPO speculation surrounding SpaceX. Bitcoin, the largest cryptocurrency in the world, fell to $74,305 early on Saturday, marking its lowest point since April 20, based on Decryptnews data. At the time of writing, BTC had declined over 3% in the last 24 hours and was roughly 10% lower than its recent peak of more than $82,500 reached on May 6. The downturn coincides with a significant rise in U.S. Treasury yields and similar increases in government bond yields across advanced markets, which are dampening the appetite for high-risk, non-yielding assets such as bitcoin. This week, investors withdrew $1.26 billion from U.S. spot Bitcoin ETFs, marking the largest single-week outflow since January, following approximately $1 billion in outflows the week before. Overall, these funds have faced over $2.26 billion in redemptions within the last two weeks. Concurrently, commodities like oil, copper, and sulfur are attracting strong speculative investments as markets continue to anticipate potential supply disruptions through the Strait of Hormuz due to the ongoing Iran conflict. One theory suggests that capital is being shifted toward SpaceX’s expected IPO, with numerous blockchain-based pre-market derivatives linked to this event already experiencing millions in trading volume on blockchain platforms.