Bitcoin Drops to $74,300 as Spot ETFs Bleed $2.26B, SEC Greenlights Nasdaq Options
Bitcoin Bitcoin Drops to $74,300 as Spot ETFs Bleed $2.26B, SEC Greenlights Nasdaq Options Bitcoin sank to $74,305 in early Saturday trading, marking its lowest print since April 20 and capping a brutal stretch that has shaved roughly 10% off the cryptocurrency from a recent high above $82,500 on May 6. The drawdown coincides with a sharp climb in U.S. Treasury yields and a parallel grind higher across developed-market sovereign debt, which is suppressing risk appetite across non-yielding assets. Spot prices remain under pressure as macro flows pivot toward commodities and pre-IPO derivatives tied to SpaceX. At the time of writing, BTC trades near $74,800, down more than 3.25% on the 24-hour window. The U.S. Securities and Exchange Commission approved Nasdaq‘s proposal to list cash-settled Bitcoin index options on the Philadelphia Stock Exchange, an accelerated green light published Friday on the regulator’s website. The European-style contracts will trade under the ticker QBTC and reference the Nasdaq Bitcoin Index, a benchmark pegged at one one-hundredth of the CME CF Bitcoin Real Time Index, which refreshes every 200 milliseconds. Unlike options on spot Bitcoin exchange-traded funds, the new product settles in cash, removing physical delivery risk and early assignment exposure. Position limits cap each side