Bitcoin has dropped to $77.4K as rising bond yields and an oil spike impact the crypto market. Major cryptocurrencies are experiencing declines, with Bitcoin ETFs seeing nearly $1B in outflows last week.
Key points
Bitcoin is currently priced at $77.4K
Rising bond yields and oil prices are impacting crypto
Bitcoin ETFs saw nearly $1B in outflows last week
SpaceX's pre-IPO trading reached $40M in volume
Aave restored WETH LTV ratios to pre-exploit levels
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Today’s top news:
Crypto majors are red as yields rise, oil spikes; BTC at $77.4k
SpaceX goes live for pre-IPO trading on Hyperliquid, sees $40M volume in 12 hrs
BTC ETFs see nearly $1B in outflows last week, snapping 6-week inflow streak
Aave restores WETH LTV ratios to pre-exploit levels
Trump family disclosures show multiple crypto trades including COIN, HOOD & MARA
Bitcoin Slides Back to $77K on Rising Bond Yields, Oil Spike
Bitcoin fell from $82,000 Thursday to sub-$77,000 by Sunday, and U.S. Treasury yields were the likely trigger.
The 10-year yield hit 4.6% and the 30-year crossed 5% for the first time since May 2025. Odds of a rate hike in 2026 jumped to 40%.
The ETFs didn’t help, with Bitcoin spot ETFs bleeding $1 billion in net outflows across the week, snapping a six-week inflow streak. All of that outflow despite Saylor selling enough STRC to buy 15,000+ Bitcoin (we’ll see how much he actually bought today).
ETH fared even worse, falling nearly 10% on the week to $2,110 and Solana totally retraced its recent rally to near $100, settling back at $84.
The lone bright spot for crypto majors is Hyperliquid which managed to jump 10% on the week to $45, on its new Coinbase partnership and as word spreads that pre-IPO stocks are seeing price discovery on its HIP-3 platform. On that note, SpaceX debuted last night and has already seen $40M in volume on Hyperliquid—so you can expect that to get more coverage. And perhaps, new pushback…
Wall Street’s Biggest Exchanges Are Trying to Kneecap Hyperliquid
CME Group and Intercontinental Exchange (NYSE parent) have been privately lobbying the CFTC and members of Congress to rein in Hyperliquid, Bloomberg reported Friday.
The exchanges told regulators that Hyperliquid’s decentralized structure and largely anonymous trading environment could allow bad actors to manipulate prices or circumvent financial sanctions, particularly in oil markets, where Hyperliquid has seen explosive volume growth since the Iran war began.
Q&A
Why did Bitcoin drop to $77K?
Bitcoin's decline to $77K is attributed to rising bond yields and an increase in oil prices affecting the overall crypto market.
What are the recent trends in Bitcoin ETFs?
Bitcoin ETFs experienced nearly $1B in outflows last week, ending a six-week streak of inflows.
How did SpaceX perform in pre-IPO trading?
SpaceX's pre-IPO trading on Hyperliquid generated $40 million in volume within the first 12 hours.
What changes did Aave make to WETH LTV ratios?
Aave has restored WETH loan-to-value ratios to levels seen before a recent exploit.
a16z-Backed Syndicate Labs Blames Shrinking Rollup Ecosystem for Shutdown Decision
Syndicate Labs, backed by a16z, is shutting down after five years due to significant changes in the rollup market. The company noted a decline in new rollups and a shift towards custom chains, impacting its infrastructure focus.
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Hyperliquid’s oil perpetual futures went from $339 million in cumulative trading volume in late February to over $7.3 billion by March 12. The exchange now captures 34-44% of the decentralized derivatives market, with $619 billion in total Q1 2026 trading volume.
The Hyperliquid Policy Center, the exchange’s newly formed US advocacy arm, fired back Friday calling the concerns “unfounded,” and arguing that “Hyperliquid offers enhanced market transparency, publishing a complete onchain record of every transaction in real time, making it a uniquely hostile environment for insider trading or price manipulation.” Notably, this comes after Cerebras debuted on Nasdaq last week, where Hyperliquid was widely seen as the home for price discovery pre-IPO.
Now SpaceX pre-IPO contracts are widely expected to launch on Hyperliquid (as soon as today) ahead of its June 12 Nasdaq debut. And if it sees the demand many are speculating, expect TradFi to beome even angrier.
Trump’s Ethics Filing Shows Crypto Trades While Passing Crypto Legislation
President Trump’s family trust filed two mandatory 278-T disclosure forms with the Office of Government Ethics on Thursday, covering more than 3,600 securities transactions from January through March 2026.
The filings show trades in crypto-related stocks including Coinbase, Robinhood, and a pair of Bitcoin mining firms, all executed while Trump’s administration was simultaneously advancing sweeping pro-cryptoregulatory overhauls.
The filings show nine separate Coinbase purchase entries. The most substantial transaction occurred on February 10, with a reported value between $100,001 and $250,000. The filing also includes two acquisitions of MARA Holdings stock, eight Strategy transactions including a January sale, and purchases of Block, Robinhood, and SoFi Technologies. The documents report value ranges rather than exact dollar amounts. Trump himself reported a personal stake of at least $51 million in digital assets.
Nearly 70 Trump administration officials collectively hold over $193 million in crypto assets—Vice President Vance disclosed between $250,000 and $500,000 in Bitcoin; Health Secretary Kennedy between $1 million and $5 million.
The conflict-of-interest question is not new; it has been the central Democratic objection to the Clarity Act throughout the markup process. But the timing of this disclosure is notable as it arrives three days after the Clarity Act cleared the Senate Banking Committee, at the exact moment the ethics language that would restrict government officials from profiting on crypto is being negotiated for inclusion in the Senate floor version of the bill.
Drake Called for SBF’s Release on a New Album
Drake dropped three surprise albums at midnight Friday—“Iceman,” “Habibti,” and “Maid of Honour”—totaling 43 tracks, his first major solo release since 2023. And he also name-dropped an infamous crypto villain.
On the track “Dust,” Drake raps: “An FTX penthouse high-riser, yeah / Samuel Bankman, free all my guys up, yeah.” Later in the song he describes himself as “a BTC crypto big-timer.”
Sam Bankman-Fried, posting from federal prison where he is serving a 25-year sentence, responded Saturday in a tweet: “The Drake stimulus package is real. Dust is a vibe - and when I get out, I can loan you my bean bag chair.”
Despite Drake’s pleas, prediction market bettors don’t find SBF getting out of prison in 2026 very likely, with the odds at just 7%.
🌎 Macro Crypto and Markets
Crypto majors are red and falling as yields spike, oil jumps; BTC -1.3% at $77.4k; ETH -2% at $2,140; SOL -2% at $85; HYPE +6% at $45.60
KITE (+8%), Stable (+7%) and HYPE (+6%) led top movers
Oil +1% at $102; Gold even at $4,540
Stock futures are slightly red with the Nasdaq down 0.3% as the US-10 year spikes over 4.6%
Geminijumped 25%+ in premarket trading Friday after the Winklevoss twins injected $100 million into their company via Winklevoss Capital Fund, purchasing 7.14 million shares at $14 apiece, paid entirely in Bitcoin
