Bitcoin Falls to April Low as S&P 500 Hits Record
SkimNews Take
Bitcoin's sustained underperformance against a surging equities market suggests its "digital gold" narrative is weakening, with investors increasingly treating it as a risk asset rather than a safe haven.
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- Bitcoin slipped to $73,566, its lowest price since early April, after a rejected attempt to break $83,000, extending a lower‑highs pattern that began in October.
- S&P 500 futures rose about 0.15% as they neared a fresh record high, outpacing the crypto market.
- Nasdaq 100 futures also climbed roughly 0.15%, mirroring the equity rally that left Bitcoin lagging.
- Stellar surged 25% in a day after the DTCC announced plans to connect its tokenized securities platform to the network, making it the top performer among crypto assets.
- Deribit funding rates spiked to 44% annualized, while overall crypto funding stayed under 10%, indicating heightened short‑term risk appetite amid the market’s volatility.
Why it matters: Crypto traders see $224 M liquidated in a day, with Bitcoin’s price dropping to $73.5 K, while equity investors reap 0.15% gains as the S&P 500 edges toward a record, shifting capital toward stocks.
