Bitcoin fell below $26,000 for the first time in two months as risk aversion weighed on the cryptocurrency market and global government bond yields hit a 15-year high.

“When you factor in what’s going on in the bond market, it’s easy for bitcoin prices to soften,” said Edward Moya, senior market analyst at Oanda.

The drop almost completely wiped out most of the gains made after BlackRock’s surprise bid for a Bitcoin ETF on June 15. Bitcoin has dropped nearly 9% since the end of March after rising 72% in the first quarter. Last year, the token dropped 64% due to a series of industry scandals and bankruptcies.

The largest digital asset by market capitalization fell nearly 9% to $26,338 as of 5:55 p.m. in New York. Bitcoin briefly touched $25.314, its lowest price since June 16.

“There aren’t enough good headlines about cryptocurrencies to get people’s attention,” said Michael Safai, partner at quantitative trading firm Dexterity Capital. “In contrast, rising interest rates and weakening risk appetite are pushing non-cryptocurrency traders to safer assets.”

Other cryptocurrencies fell further, Ether fell by about 6%, and Cardano and Solana tokens wiped out previous gains. The rise in global yields comes after strong economic data casts doubt on central bank interest rates peaking. Higher interest rates often make alternative investments such as cryptocurrencies less attractive.

Bitcoin’s decline comes after a period when the cryptocurrency traded in a narrow range for months. Indicators measuring price volatility for the original cryptocurrency are trending bearish, with 90-day volatility hitting its lowest level since 2016 this week, according to data compiled by Bloomberg.

“Earlier this week, there was optimism that a decision on the Grayscale Bitcoin ETF would be made this week, but it didn’t work out,” said Shiliang Tan, chief investment officer at crypto investment firm LedgerPrime. “Also, traditional markets were weak all week with SPX and tech sales, 10-year rates hitting highs and the dollar catching up, as well as weak credit and economic data from China, all negative for risk assets.”