Bitcoin slides to $77k as yields spike and ETFs bleed
Bitcoin slid back toward $77k after U.S. Treasury yields jumped. The 10-year yield rose to 4.63% and the 30-year briefly crossed 5%, lifting expectations of a 2026 rate hike to about 40%. The move coincided with heavy spot Bitcoin ETF outflows—about $1B in net withdrawals across the week—ending a six-week inflow streak.
Risk appetite deteriorated as liquidations topped $670M over the weekend, sending BTC down from around $82,000 to sub-$77,000 and to a roughly three-week low. Ethereum was weaker as well (near -10% on the week to about $2,110), while Solana reversed part of its rebound to around $84.
Despite the broader pullback, Hyperliquid stood out. The venue gained roughly 10% on the week to about $45, supported by its Coinbase partnership and “pre-IPO” price discovery narratives. SpaceX’s pre-IPO trading debut on Hyperliquid reportedly drew about $40M in volume.
On-chain/DeFi and market-structure catalysts also appeared: Aave reportedly restored WETH loan-to-value ratios to pre-exploit levels, and Lombard Finance said it will move Bitcoin-backed assets from LayerZero to Chainlink CCIP after the Kelp DAO $292M exploit. The broader crypto complex also remained pressured by macro rates + ETF flows, with meme coins like DOGE and SHIB trading lower.
For traders, the key driver remains the same: Bitcoin appears to be trading as a macro beta to yields and ETF flows, so any further rate repricing or ETF outflow acceleration could extend downside pressure.
Bearish
This is bearish because Bitcoin’s move is being driven by macro liquidity tightening signals (rising U.S. yields) and by concrete positioning/flow data (spot Bitcoin ETF outflows around $1B for the week). That combination typically amplifies selling pressure: higher yields increase opportunity cost for risk assets, while ETF outflows remove a key buyer channel. The market also responded with large liquidations (> $670M), which often triggers additional forced selling and increases short-term volatility.
Historically, similar “rates up + ETF outflows + liquidations” setups have tended to keep BTC under pressure until either yields cool off or ETF flows stabilize. While Hyperliquid/SpaceX and DeFi upgrades (Aave LTV restoration) may support isolated segments of the market, they do not offset the dominant macro/flow headwinds for the broader BTC complex. Long-term, protocol-level improvements (e.g., CCIP migrations for safety) can reduce tail risks in specific DeFi ecosystems, but traders are likely to remain focused on near-term yield prints and ETF flow headlines.
Net: expect choppy downside-to-range trading in the short term, with bearish risk skew until ETF outflows slow and yields retreat.