Bitcoin traded near $64,000 with little movement while major global equity indexes pushed to fresh highs. CoinDesk said the split pointed to crypto-specific weakness, with muted bitcoin and ether derivatives activity and a sharp contraction in Tether’s market value showing weaker capital flows into digital assets.
Bitcoin traded near $64,000 with little movement while major global equity indexes pushed to fresh highs. CoinDesk said the split pointed to crypto-specific weakness, with muted bitcoin and ether derivatives activity and a sharp contraction in Tether’s market value showing weaker capital flows into digital assets.
The divergence matters because it suggests crypto is dealing with its own demand problem rather than simply following broader risk assets higher. CoinDesk cited $5.4 billion of net outflows from U.S. spot bitcoin ETFs in the first half of the year, while DWF Labs said investor attention and capital have shifted heavily toward AI-linked assets.
Bitcoin failed to match a record-setting rally in global equities, trading near $64,000 after adding just 0.16% since midnight UTC, according to CoinDesk. The broader CoinDesk 20 index was also flat, with 11 components higher and nine lower, even as major stock benchmarks advanced on optimism around artificial intelligence and easing energy concerns tied to progress toward reopening the Strait of Hormuz.
The divergence matters because it suggests crypto is dealing with its own demand problem rather than simply following broader risk assets higher. CoinDesk cited $5.4 billion of net outflows from U.S. spot bitcoin ETFs in the first half of the year, while DWF Labs said investor attention and capital have shifted heavily toward AI-linked assets.
Equity markets showed stronger momentum across regions. MSCI’s All Country World Index rose 0.4% toward another record close, its Asia Pacific benchmark gained 2.2%, and Australian shares reached a new peak after the S&P 500 and Dow Jones Industrial Average closed at all-time highs on Tuesday.
Derivatives data also pointed to a subdued setup for the largest crypto assets. CoinDesk reported little action in bitcoin and ether futures, while the broader crypto futures long/short ratio remained bearish, with shorts accounting for 51% of taker volume. Activity was more aggressive in selected altcoins, including PUMP, ZEC, XLM and BNB, while SHIB, HBAR and LTC saw declining open interest.
Stablecoin flows added another sign of caution. Tether’s market value fell by $4 billion over 60 days, one of the steepest contractions on record, according to CryptoQuant data cited by CoinDesk. CryptoQuant framed the move as potentially consistent with late-stage selling, but CoinDesk noted that a stronger bottom signal would require USDT supply to start rising again.
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