Semir Gabeljic: The recent decline in Bitcoin is mainly attributed to the macro outlook of interest rates and the rise in treasury bond yields

In an interview, Semir Gabeljic, the Director of Capital Investments at Pythagoras Investments, stated that Bitcoin's fall to $65,000 is mainly due to recent macroeconomic outlooks on interest rates and rising yields on government bonds. A higher interest rate environment typically reduces investors' risk appetite. On Polymarket, bettors have ruled out the possibility of a rate cut in May and opinions are split 50-50 over whether there will be a rate cut in June. Most users believe that the rate cut will occur in autumn. Jun-Young Heo, Head of Derivatives Trading at Singapore Exchange Presto added that most crypto assets perpetual futures financing rates have returned to one basis point and global futures open contracts decreased by 10% overnight indicating some leveraged long positions have been closed out. Due to recent stagnation in spot Bitcoin ETF inflows and BTC and ETH prices being below their 20-day moving averages, some trend followers may view yesterday's slump as marking the end of a two-month rise.