Analysis: Rising US Treasury yields coupled with geopolitical disturbances put pressure on Bitcoin, leading to a continued pullback.

CoinFeed reported on May 23 that, according to CoinDesk, Bitcoin prices fell to $74,305, a new low since late April, influenced by rising US Treasury yields and bond yields in major global economies. Funds avoided high-risk assets with zero yields. The price dropped over 3% in 24 hours and has retreated more than 10% from its high this month. US spot Bitcoin ETFs saw a net outflow of $2.26 billion over two weeks, with $1.26 billion flowing out this week alone, ranking among the largest weekly outflows this year. Amid geopolitical tensions, speculative funds flowed into commodities such as crude oil and copper, while some funds also flowed into derivatives trading related to SpaceX's IPO.