Bitcoin, the leading cryptocurrency, has experienced a significant decline, currently trading at $74,305, which is more than 10% lower than its peak of over $82,500 reached on May 6, 2023. This downturn is attributed to a substantial outflow of over $2.26 billion from U.S.-listed spot bitcoin exchange-traded funds (ETFs) in the past two weeks. The latest week alone saw $1.26 billion withdrawn, marking the largest single-week outflow since January. The sell-off is occurring alongside rising U.S. Treasury yields, which have diminished the attractiveness of high-risk assets like bitcoin. Investors are increasingly redirecting their capital towards commodities such as oil and copper, which are anticipated to benefit from potential supply disruptions, particularly in the context of geopolitical tensions in the Strait of Hormuz. Additionally, there is speculation that some capital is being funneled into pre-IPO bets on SpaceX, with blockchain-based derivatives related to the event witnessing significant trading activity.