U.S. stocks rose 2.5% in a week, while Bitcoin plunged below $62,000 over the weekend—a tale of two markets in the same week.
On the stock market side: The S&P 500 rose 2.5% last week to close at 7,561.67, while the Nasdaq gained 2.3% to close at 25,136.27, marking its best week since August. The Dow also rose 2.1%, closing at 52,347.55.
On the crypto side: Bitcoin ($BTC ) kept sliding over the weekend, briefly dipping below $62,000 on Sunday to a low of around $61,970. It’s now around $64,381, down 13.68% over seven days. Ethereum ($ETH ) is around $1,798, down 15.22% over seven days, after briefly falling to around $1,730.
Capital flows make the divergence even clearer: U.S. spot Bitcoin ETFs saw net outflows of around $1.065 billion last week, with outflows on all five trading days. Outflows totaled around $1.91 billion over seven consecutive trading days and $2.35 billion over two weeks. BlackRock’s IBIT alone accounted for around $908 million in outflows in one week. Ethereum ETFs saw net outflows of around $399 million last week, marking seven consecutive weeks of outflows and bringing the total to around $2.42 billion since the end of September. The total stablecoin market cap is around $284.9 billion, down 1.51% over seven days and around 5.3% over 30 days. USDT is around $175.3 billion and USDC around $69.3 billion, down around 4.4% and 4.9%, respectively, over 30 days.
This whale’s take: This divergence doesn’t mean Bitcoin has decoupled from U.S. stocks. Rather, money is flowing out of crypto itself: ETFs are seeing sustained redemptions, stablecoin supply keeps shrinking, and after leverage gets flushed out, there’s less capital on the sidelines to buy the dip. So whether U.S. stocks rise or not, they can’t lift crypto. The flip side is also true: U.S. stocks are rising, which shows risk appetite hasn’t disappeared. The problem lies in crypto’s own liquidity. Keep an eye on three things next: whether ETF flows can stabilize on Monday, whether the stablecoin market cap keeps shrinking, and whether Bitcoin can hold around $62,000. If two of the three improve, the divergence may start to narrow. Otherwise, the “stocks rise, crypto keeps falling” act could play out again.
On the stock market side: The S&P 500 rose 2.5% last week to close at 7,561.67, while the Nasdaq gained 2.3% to close at 25,136.27, marking its best week since August. The Dow also rose 2.1%, closing at 52,347.55.
On the crypto side: Bitcoin ($BTC ) kept sliding over the weekend, briefly dipping below $62,000 on Sunday to a low of around $61,970. It’s now around $64,381, down 13.68% over seven days. Ethereum ($ETH ) is around $1,798, down 15.22% over seven days, after briefly falling to around $1,730.
Capital flows make the divergence even clearer: U.S. spot Bitcoin ETFs saw net outflows of around $1.065 billion last week, with outflows on all five trading days. Outflows totaled around $1.91 billion over seven consecutive trading days and $2.35 billion over two weeks. BlackRock’s IBIT alone accounted for around $908 million in outflows in one week. Ethereum ETFs saw net outflows of around $399 million last week, marking seven consecutive weeks of outflows and bringing the total to around $2.42 billion since the end of September. The total stablecoin market cap is around $284.9 billion, down 1.51% over seven days and around 5.3% over 30 days. USDT is around $175.3 billion and USDC around $69.3 billion, down around 4.4% and 4.9%, respectively, over 30 days.
This whale’s take: This divergence doesn’t mean Bitcoin has decoupled from U.S. stocks. Rather, money is flowing out of crypto itself: ETFs are seeing sustained redemptions, stablecoin supply keeps shrinking, and after leverage gets flushed out, there’s less capital on the sidelines to buy the dip. So whether U.S. stocks rise or not, they can’t lift crypto. The flip side is also true: U.S. stocks are rising, which shows risk appetite hasn’t disappeared. The problem lies in crypto’s own liquidity. Keep an eye on three things next: whether ETF flows can stabilize on Monday, whether the stablecoin market cap keeps shrinking, and whether Bitcoin can hold around $62,000. If two of the three improve, the divergence may start to narrow. Otherwise, the “stocks rise, crypto keeps falling” act could play out again.
