Bitcoin Drops With Chip Stocks as Traders Bet on Decline — SkimNews
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- Bitcoin slipped 0.5% to around $81,400, even after U.S. spot bitcoin ETFs attracted $526.6 million, their largest daily inflow in nearly a month.
- South Korea’s Kospi index fell 3.73% to its lowest close since April 7, led by declines in chipmakers SK Hynix and Samsung Electronics amid AI spending worries.
- Options traders on Deribit sought downside protection, with puts outtrading calls by more than two to one and a bearish skew in pricing across expiries.
- The CoinDesk DeFi index (DFX) fell 1.2%, underperforming broader crypto benchmarks as DeFi tokens gave back gains from the previous day.
- Celestia (TIA) rose 2.2%, extending a monthly gain of about 42%, while Sandbox (SAND) led decliners on the CoinDesk 100 Index with a 4.5% drop.
Why it matters: The simultaneous drop in Bitcoin and chip stocks suggests crypto is increasingly correlated with traditional tech risk, particularly AI sentiment. Traders are paying a premium for downside protection, signaling near-term caution despite strong ETF inflows, which creates a divergence between spot demand and derivatives positioning.
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