The Nasdaq is up 2.5% this Monday despite Nvidia’s plunge, and $BTC isn’t benefiting: at 16:50 UTC, it remains 1.2% below its Friday close on Binance.
A common idea: “if Wall Street rebounds, crypto follows.” Last week, when the Nasdaq fell, crypto did indeed follow. Today, the relationship only works one way.
Today’s figures:
- According to CoinDesk, the Nasdaq was up 2.5% around 15:50 UTC, while Nvidia was down about 4%.
- On Binance, the 15:00 UTC BTC candle rose to $75,568 just after Wall Street opened, without even surpassing the overnight Asian high ($75,599). An hour later, it was back near $74,936.
- Friday’s close was $75,844. Sunday evening’s low, $73,510, is the lowest level since August.
- BTCUSDT perp open interest is nearly unchanged (+0.3% over 25 hours).
- In options, four of the six most active BTC contracts are puts between $70,000 and $72,000 (CoinDesk).
My take: the crypto market isn’t looking for a reason to rise; it’s looking for protection. $ETH is doing worse, down around 4.7% over 24 hours—a sign that risk appetite remains weak in crypto even as stocks rebound.
The next test comes Tuesday with US inflation (CPI), followed by producer prices on Friday. Two straightforward scenarios:
- A mild CPI reading and a clear move back above $75,850 (Friday’s close) would put BTC back in step with stocks;
- A hot CPI reading and a break below $73,500 would open the way toward the 200-day moving average, around $73,150 according to CoinDesk.
For you, is this disconnect from Wall Street temporary fatigue after the weekend flush, or a real signal that BTC has lost its role as the preferred risk asset?
#Bitcoin #Nasdaq
A common idea: “if Wall Street rebounds, crypto follows.” Last week, when the Nasdaq fell, crypto did indeed follow. Today, the relationship only works one way.
Today’s figures:
- According to CoinDesk, the Nasdaq was up 2.5% around 15:50 UTC, while Nvidia was down about 4%.
- On Binance, the 15:00 UTC BTC candle rose to $75,568 just after Wall Street opened, without even surpassing the overnight Asian high ($75,599). An hour later, it was back near $74,936.
- Friday’s close was $75,844. Sunday evening’s low, $73,510, is the lowest level since August.
- BTCUSDT perp open interest is nearly unchanged (+0.3% over 25 hours).
- In options, four of the six most active BTC contracts are puts between $70,000 and $72,000 (CoinDesk).
My take: the crypto market isn’t looking for a reason to rise; it’s looking for protection. $ETH is doing worse, down around 4.7% over 24 hours—a sign that risk appetite remains weak in crypto even as stocks rebound.
The next test comes Tuesday with US inflation (CPI), followed by producer prices on Friday. Two straightforward scenarios:
- A mild CPI reading and a clear move back above $75,850 (Friday’s close) would put BTC back in step with stocks;
- A hot CPI reading and a break below $73,500 would open the way toward the 200-day moving average, around $73,150 according to CoinDesk.
For you, is this disconnect from Wall Street temporary fatigue after the weekend flush, or a real signal that BTC has lost its role as the preferred risk asset?
#Bitcoin #Nasdaq
