WS #14764
Bitcoin has stabilized after a period of volatility, with ETF flows erasing a $5.8 billion deficit and signaling a liquidity bottom. However, the asset faces headwinds as US Treasury yields jump above 5%, creating a competitive environment for risk assets. The market is currently balancing the structural demand from institutional ETFs against the macro pressure of higher real rates.
Bitcoin Liquidity and Macro
Bitcoin has stabilized after a period of volatility, with ETF flows erasing a $5.8 billion deficit and signaling a liquidity bottom. However, the asset faces headwinds as US Treasury yields jump above 5%, creating a competitive environment for risk assets. The market is currently balancing the structural demand from institutional ETFs against the macro pressure of higher real rates.