The post-election rally was wiped out in a single day by U.S. stocks. According to CoinMarketCap, $BTC fell below $76,000 on Thursday, while the Nasdaq 100 also plunged. About $632 million in long positions were liquidated within four hours (CoinGlass), including roughly $191 million in BTC.
A few things I think are worth noting:
• CryptoQuant’s indicator showed that the correlation between BTC and the S&P 500 turned positive earlier Thursday—the first time in the data going back to 2015
• Glassnode puts the support range at $73,000–$76,000; a drop below $73,000 would signal a longer consolidation
• Leverage doesn’t look excessive: Hyperliquid funding rates barely moved, and BTC futures open interest was about the same as on Wednesday
So this looks more like a passive sell-off alongside tech stocks than a problem with leverage in crypto itself. We also have the nonfarm payrolls report tonight, and $ETH is under pressure too. Short-term sentiment will probably continue to track U.S. stocks. I’ll be keeping an eye on the $73,000 level.
#比特币 #U.S. stocks
For informational purposes only; this is not investment advice.
A few things I think are worth noting:
• CryptoQuant’s indicator showed that the correlation between BTC and the S&P 500 turned positive earlier Thursday—the first time in the data going back to 2015
• Glassnode puts the support range at $73,000–$76,000; a drop below $73,000 would signal a longer consolidation
• Leverage doesn’t look excessive: Hyperliquid funding rates barely moved, and BTC futures open interest was about the same as on Wednesday
So this looks more like a passive sell-off alongside tech stocks than a problem with leverage in crypto itself. We also have the nonfarm payrolls report tonight, and $ETH is under pressure too. Short-term sentiment will probably continue to track U.S. stocks. I’ll be keeping an eye on the $73,000 level.
#比特币 #U.S. stocks
For informational purposes only; this is not investment advice.