Bitcoin defies recent tech stocks sell-off: Are bulls eyeing $70K rally?
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- Bitcoin broke above $65,000 on Monday while the Nasdaq-100 dropped below 28,800 on Friday for the first time in five weeks, as investors took profits in memory-chip stocks over AI valuation fears
- Strategy raised $263 million by selling common stock, boosting cash reserves to $3.22 billion to address concerns over its $1.76 billion annual preferred dividend and $2.6 billion in convertible debt maturing in 2028–2029
- Bitcoin perpetual futures funding rate held flat at a neutral 8%, and the 30-day options delta skew at Deribit stood at 13% (down from 19% prior week), indicating whales and market makers still prefer hedging downside exposure
- The US five-year Treasury yield surged to 4.33% on Monday from 4.22% two weeks earlier as AI-related stocks — including IBM, SanDisk, Oracle, ARM, SpaceX, and Intel — sold off sharply
- Gold has trended down since mid-May despite rising yields and Middle East tensions, suggesting no asset class is immune to the deteriorating global growth outlook
- President Trump vowed retaliation against Iran for a missile strike that killed US soldiers in Jordan, putting risk assets on high alert
Why it matters: Strategy's $263M cash raise brings reserves to $3.22B, directly covering its $1.76B annual preferred dividend — the largest corporate Bitcoin holder is now on firmer footing. But the 13% put-call skew and flat 8% funding rate show professional traders are hedging, not chasing, the $70K move that the headline framing implies.
