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Bitcoin Slides Under $77K as Crypto Liquidations Top $672M Amid Bond Sell-Off
TL;DR
Bitcoin has fallen below $77,000 as U.S. Treasury yields hit a 16-month high, leading to over $672 million in liquidations in the crypto market. Spot Bitcoin ETF outflows reached $1 billion, marking the largest weekly exit since late January.
Key points
- Bitcoin fell below $77,000
- U.S. Treasury yield reached 4.63%
- Over $672 million in crypto liquidations
- Spot Bitcoin ETF outflows hit $1 billion
- Geopolitical shocks affect crypto through Treasury yields
In brief
- The 10-year U.S. Treasury yield hit 4.63%—a 16-month high—up 70 basis points since the Iran War began, as odds of a 2026 rate cut collapsed to 2%.
- Spot Bitcoin ETF outflows reached $1 billion for the week ending May 15, the largest weekly exit since late January, per SoSoValue.
- Analysts say $77,000 is the critical threshold—a break below with elevated open interest could put a $70,000 retest in play.
Bitcoin fell to a three-week low over the weekend as a surge in U.S. Treasury yields sent ETF outflows to their worst level since late January and drove more than $670 million in liquidations across crypto markets.
The 10-year U.S. Treasury yield reached 4.63% on Sunday night—its highest since February 2025—up 70 basis points since the Iran War began, according to The Kobeissi Letter post Monday. The move puts yields four basis points above the level that prompted President Trump's 90-day tariff pause in April 2025. With U.S. mortgage rates nearing 7% and odds of a rate cut this year collapsing to 2%, “the U.S. bond market is collapsing in real-time,” the post read.
The pressure is reaching crypto through an increasingly institutional transmission channel, according to Diego Martin, CEO of Yellow Capital. “Geopolitical shocks no longer hit crypto directly the way they once did,” Martin told Decrypt. “They hit Treasury yields, which hit risk appetite, which hits ETF flows, which hit Bitcoin. The transmission is more institutional now.”
U.S. spot Bitcoin ETFs recorded their largest weekly outflow since late January, Alex Thorne, head of firmwide research at Galaxy, tweeted Monday.
last week saw the biggest weekly outflow from US spot bitcoin ETPs since the last week of january pic.twitter.com/gcqxfxi42m
— Alex Thorn (@intangiblecoins) May 17, 2026
The week ending May 15 saw $1 billion in net outflows, according to SoSoValue data, compared to $622.75 million in net inflows the prior week. The last comparable exit was the week of January 30, which saw $1.49 billion leave the funds.
Q&A
What caused Bitcoin to drop below $77,000?
Bitcoin's decline below $77,000 was driven by a surge in U.S. Treasury yields and significant ETF outflows.
How much in liquidations occurred in the crypto market recently?
Over $672 million in liquidations occurred across crypto markets amid the recent financial pressures.
What is the significance of the 10-year U.S. Treasury yield reaching 4.63%?
The 10-year U.S. Treasury yield hitting 4.63% is significant as it is the highest level in 16 months, impacting risk appetite and institutional flows into crypto.
What are the implications of Bitcoin ETF outflows reaching $1 billion?
The $1 billion in Bitcoin ETF outflows indicates a major shift in investor sentiment and is the largest weekly exit since late January.
