Bitcoin is bleeding $2.8 billion while stocks party at all-time highs — ride the sell-off
Investors have pulled $2.8 billion out of Bitcoin ETFs over nine straight days — the longest streak on record. Meanwhile, Bitcoin has slid to its lowest level since April even as regular stock markets keep hitting all-time highs.
Idea
Bitcoin is bleeding while everything else rallies — and that's a red flag. A record $2.8 billion has been yanked from Bitcoin ETFs over nine consecutive days, the longest outflow streak ever. Normally Bitcoin moves in the same direction as risk-on stocks, but right now the S&P 500 is at all-time highs and Bitcoin is sliding back toward its April lows around $72,000. A massive $9 billion in options are expiring Friday, which could accelerate the move down. When institutional money flees this hard for this long and the asset can't keep up with a roaring stock market, the selling pressure usually isn't done yet.