U.S.-listed spot Bitcoin exchange-traded funds have seen more than $2.26 billion in net outflows over the past two weeks, signaling sustained pressure across the digital asset market.

Bitcoin (BTC) remains under heavy selling pressure as investors continue to exit spot ETF positions. The cryptocurrency briefly fell to $74,305 early Saturday, its lowest level since April 20, according to CoinDesk data. At the time of writing, BTC was down over 3% in the past 24 hours and nearly 10% below its recent peak above $82,500 reached on May 6.

The weakness comes amid rising U.S. Treasury yields and higher sovereign bond yields in other developed markets, which has reduced demand for non-yielding assets such as Bitcoin.

ETF flow data highlights the scale of the outflows, with $1.26 billion withdrawn this week alone—the largest weekly redemption since January—following about $1 billion in the previous week.

Meanwhile, commodities such as oil, copper, and sulfur have seen increased speculative inflows as traders react to potential supply risks tied to tensions in the Strait of Hormuz amid the ongoing Iran conflict.

Some market observers also suggest broader capital rotation is underway, with attention shifting toward upcoming opportunities such as SpaceX’s anticipated IPO. Blockchain-based pre-market derivatives linked to the listing have already recorded notable trading volumes on decentralized platforms.