Bitcoin Holds Near $64K, While Crypto Stocks Slide – Glassnode Says BTC Is Losing Ground To The S&P 500
Bitcoin held near $64,000, up about 1.2% in 24 hours, while crypto-linked stocks fell in pre-market trading. Glassnode said BTC underperformed the S&P 500 in two of the last three sessions and only about one-third of days over three months. Circle (CRCL) fell over 3%, Robinhood (HOOD) about 2%, and Strategy (MSTR) about 1.5%.
How this was made
The 30-second read
Why it matters
The main actionable takeaway is that the selloff in crypto-linked equities is attributed to broader macro pressure (oil higher, Treasury yields up) rather than crypto-specific negative news, while BTC’s relative underperformance versus the S&P 500 is at a multi-year extreme.
Market read
Traders are likely to treat today’s weakness in crypto-linked equities as a high-beta macro de-risking signal, while monitoring whether BTC’s equity underperformance relationship changes.
What to watch
The article cites retail sentiment on Stocktwits but does not quantify flows or on-chain changes; correlation could weaken if BTC volatility rises or macro pressure reverses.
Background
The piece frames a divergence: BTC is range-bound near $64K while crypto-linked stocks fall pre-market, citing Glassnode’s relative-performance stats.
Ticker impact
Glassnode says Bitcoin has underperformed the S&P 500 in two of the last three sessions and is in its longest underperformance stretch.
Modest downside bias versus equities until the BTC-equity relationship normalizes.
The article provides a quantified relative-performance framing (underperformance frequency and longest stretch) but no new BTC-specific catalyst beyond macro pressure.
Circle (CRCL) is described as the worst hit among large-cap crypto-linked equities, down more than 3% in pre-market trade.
Bearish near-term bias for CRCL while yields and oil remain elevated.
The move is quantified for pre-market and tied to rising yields and oil, which typically pressure sentiment-driven financials.
Robinhood (HOOD) fell around 2% in pre-market trade alongside broader weakness in crypto-linked stocks.
Likely underperforms until macro headwinds (yields) ease.
The article gives a pre-market percentage move but no HOOD-specific fundamental driver.
Strategy (MSTR) dropped around 1.5%, and the piece highlights its leveraged exposure to Bitcoin holdings.
Downward pressure likely persists if BTC remains range-bound and yields stay firm.
The article links MSTR’s performance to Bitcoin exposure and provides both YTD and 12-month underperformance versus BTC and the S&P 500.
Bitmine Immersion Technologies (BMNR) is cited as down around 1.5% in pre-market trade with other crypto-linked names.
Near-term downside risk if the broader crypto-equity tape remains pressured.
Only a pre-market move is provided, with no company-specific catalyst.
Coinbase (COIN) fell around 2% in pre-market trade as investors digest macro pressure and higher yields.
Choppy to lower bias while yields rise and risk appetite stays constrained.
The article ties the tape move to oil and Treasury yields, which can compress multiples for growth and high-beta equities.
Bullish (BLSH) dropped around 2% in pre-market trade alongside other crypto exchanges.
Limited upside until macro pressure eases; expect continued correlation with BTC and yields.
No BLSH-specific information is provided beyond the pre-market percentage decline.
SPDR S&P 500 ETF (SPY) is down 0.5% in pre-market, framing the broader risk backdrop for crypto-linked equities.
If SPY remains weak, crypto equities likely stay pressured.
SPY is used as a benchmark in the article, not as a subject with its own catalyst.
Market effects
Rising oil and Treasury yields are framed as a headwind for high-beta, sentiment-driven crypto equities, reinforcing correlation risk with growth factors.
US-focused macro drivers (oil, yields, retail sales, Fed minutes) suggest the move is primarily US risk-systematic rather than region-specific crypto news.
Middle East tension is cited as influencing oil and yields, which can transmit globally to risk assets and crypto-linked equities.
Counterpoint
BTC is described as holding steady near $64K despite crypto-equity weakness, implying equity underperformance may be temporary positioning rather than a BTC breakdown.
Key entities
- cryptoBitcoin
Spot price held near $64K, but Glassnode highlights the longest stretch of BTC underperformance versus the S&P 500 in six years of data.
- equityCircle
Large-cap crypto-linked stock down more than 3% pre-market.
- equityRobinhood
Crypto-linked brokerage stock down around 2% pre-market.
- equityStrategy
MSTR down around 1.5%, discussed as a leveraged BTC proxy.
- equityCoinbase
Crypto exchange down around 2% pre-market.
