Bitcoin sinks to $74,300 as spot ETFs bleed $2.26 billion in two weeks

Bitcoin fell to about $74,300 on May 23 as investors continued pulling money from U.S. spot Bitcoin exchange-traded funds, adding pressure to a crypto market already sensitive to higher rates and liquidation stress.

CoinDesk reported that U.S. spot Bitcoin ETFs recorded about $1.26 billion in outflows this week, following roughly $1 billion in outflows the prior week. Together, that put two-week redemptions at more than $2.26 billion.

The move extends a weak stretch for Bitcoin that has been shaped by persistent ETF selling and a macro backdrop that remains unfriendly to risk assets. U.S. Treasury data for May 22 showed elevated benchmark yields, including a 10-year yield of 4.56% and a 30-year yield of 5.07%.

Farside Investors' ETF flow dashboard also showed the outflow streak continuing in mid-May, reinforcing the picture of sustained redemption pressure rather than a one-day shakeout.

Bitcoin's slide to the mid-$70,000 range follows earlier signs of stress in the market. Bloomberg reported on May 18 that Bitcoin had hit a two-week low as crypto liquidations topped half a billion dollars, while The Block reported on May 17 that the token had slipped below $77,000 amid renewed inflation fears and ETF outflows.

The immediate question is whether the latest redemptions slow down or continue into the next trading sessions. For now, the combination of heavy ETF outflows and higher-for-longer rate pressure is keeping traders defensive.