U.S. stocks rose 1.6%, while Bitcoin is still treading water—everyone who bought crypto in the past 155 days is underwater.
U.S. stocks rebounded sharply on Wednesday: the Nasdaq rose 1.60% to 25,466, and the S&P 500 gained 1.31% to 7,619, led by chip stocks. The catalyst was CoreWeave’s better-than-expected earnings, which sent its shares up 24.7% in a single day.
But $BTC didn’t keep up: it’s now at $73,666, down just 0.03% over 24 hours, and traded between $73,390 and $74,811 during the day—a range of less than 2%. $ETH is at $2,048, down 0.69%.
What stings more is the cost basis: Glassnode data shows that buyers from the past 155 days have an average cost of $75,600, and Bitcoin has now fallen below that level. Only about 35% of holders are currently in profit; back in September, almost everyone was making money.
The next things to watch: U.S. October PPI is due tomorrow, Friday; technically, the next level to watch below is $68,000. Will Bitcoin reclaim $75,600 first, or test $68,000 first? This is not investment advice.
U.S. stocks rebounded sharply on Wednesday: the Nasdaq rose 1.60% to 25,466, and the S&P 500 gained 1.31% to 7,619, led by chip stocks. The catalyst was CoreWeave’s better-than-expected earnings, which sent its shares up 24.7% in a single day.
But $BTC didn’t keep up: it’s now at $73,666, down just 0.03% over 24 hours, and traded between $73,390 and $74,811 during the day—a range of less than 2%. $ETH is at $2,048, down 0.69%.
What stings more is the cost basis: Glassnode data shows that buyers from the past 155 days have an average cost of $75,600, and Bitcoin has now fallen below that level. Only about 35% of holders are currently in profit; back in September, almost everyone was making money.
The next things to watch: U.S. October PPI is due tomorrow, Friday; technically, the next level to watch below is $68,000. Will Bitcoin reclaim $75,600 first, or test $68,000 first? This is not investment advice.
