Bitcoin ETF Outflows Test BTC Against Treasury Yields
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The recent outflows from Bitcoin ETFs are exposing BTC to the pressures of rising Treasury yields, as highlighted by Bank of America's May Global Fund Manager Survey. Professional investors have reduced bond allocation to a net 44% underweight, the deepest since June 2022, while increasing equity exposure. This shift suggests a preference for risk-on assets, but the simultaneous outflow from Bitcoin ETFs indicates a cautious stance toward crypto amid macroeconomic headwinds. Rising yields typically strengthen the dollar and draw capital away from speculative assets, posing a direct test for Bitcoin's price resilience. The data underscores a divergence between traditional market optimism and crypto-specific caution, with Bitcoin's near-term trajectory hinging on its ability to decouple from yield-driven volatility.
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