Bitcoin Slips to April Lows as Crypto Diverges from Record-Chasing US Equities
Bitcoin fell to its lowest level since early April on Thursday, dropping to $73,440 after failing to break above $83,000. The rejection extends a pattern of lower highs dating back to October, a classic bear market signal. While U.S. equities like the S&P 500 and Nasdaq 100 approach all-time highs, the crypto market struggles to regain momentum. Ether also declined, hitting $1,965 before recovering above $2,000. Derivatives markets show mixed signals: implied volatility compressed to its lowest since September, suggesting near-term calm, but one-week put-call skew increased, indicating demand for downside protection. Open interest rose slightly to $20.05 billion, and funding rates remain positive. The altcoin market saw divergence, with Stellar (XLM) surging 25% after DTCC announced plans to connect its tokenized securities platform to the network. Other altcoins like ALGO, INJ, HBAR, and HYPE also posted double-digit gains. However, Bitcoin Cash (BCH) fell 7.2% and is down 20% for the week. DeFi tokens like ENA, JUP, and UNI dropped up to 18%. The CoinMarketCap Altcoin Season Index fell to 34/100, indicating weak altcoin performance relative to Bitcoin.
Key facts
- Bitcoin falls to $73,440, lowest since early April, after failing to break $83,000.
- Lower highs since October indicate bear market pattern; S&P 500 and Nasdaq near all-time highs.
- Implied volatility at lowest since September; put-call skew rises, signaling downside demand.
- Stellar (XLM) surges 25% on DTCC tokenized securities platform news.
- Bitcoin Cash (BCH) drops 7.2% in 24 hours, down 20% for the week.