US stocks extend strong risk-off rally while Bitcoin, Ethereum and Solana fall, underscoring cryptocurrencies’ role as a high-beta macro risk tied to Wall Street.
Summary
- The S&P 500, Nasdaq and Dow open sharply higher as technology and growth lead a renewed risk-on move in US stocks.
- Bitcoin is trading near $67,253, Ethereum around $1,939, and Solana near $80.80, all down between 2.5% and 4.3% in 24 hours despite strong capital.
- The desks say cryptocurrencies remain the “purest expression of macro risk appetite,” with large-cap companies acting as high-beta satellites for U.S. stock portfolios.
US stocks opened sharply higher on Wednesday, extending a risk-on streak that is increasingly dictating the tone in digital assets as well. The S&P 500 opened with a gain of 49.73 points, or 0.72%, at 6,991.54, while the Nasdaq Composite gained 205.39 points, or 0.89%, to start at 23,307.86, and the Dow Jones added 252.14 points, or 0.5%, to 50,440.28. According to Gate’s market desk, this initial offering reflects “broad-based strength in large U.S. companies,” with technology and growth “still leading the charge for macro risk.”
For cryptocurrency traders, that context is important. US stocks and Bitcoin have traded as a high-beta macro pair for much of this cycle, and today is no exception: Bitcoin (BTC) is changing hands near $67,253, down around 2.5% in the past 24 hours, after briefly falling below $70,000 earlier in the session. Ethereum (ETH) is trading around $1,939, down about 3.6% on the day, with a 24-hour range between about $1,934 and $2,042. Solana (SOL) is trading near $80.80, down around 4.3% in the last 24 hours, after hitting a high near $84.9.
This divergence (stocks rise while major currencies fall) underscores that “cryptocurrencies remain the purest expression of macro risk appetite, but it is also the first place investors de-risk when volatility rises,” as one derivatives desk put it in a morning note. Bitcoin’s drop below the $70,000 level, to lows just below $67,900, came as the total crypto market capitalization recorded a second consecutive daily drop and altcoins “pulled back along with the broader market.” Market sentiment has returned to fear territory, with one popular indicator showing “extreme fear” even as US indices posted further gains.
However, the opening of shares offers a modicum of support. As long as the S&P 500 and Nasdaq maintain their bullish bias, systematic and cross-asset funds are likely to continue treating large-cap cryptocurrencies as a high-octane satellite of their stock books rather than a separate asset class. In that sense, today’s tape reinforces the regime: cryptocurrencies remain chained to the same macro engine that is driving Wall Street upward, only with much more torque at each turn.
Bitcoin (btc) is currently trading around $67,253, down around 2.5% in the last 24 hours after a brief dip below $70,000. Ethereum (ETH) is around $1,939, with a drop of approximately 3.5% in 24 hours and intraday figures between $1,900 and just above $2,000. solana (SUN) is trading near $80.80, down more than 4% on the day as traders deweight higher beta names to boost stock strength.
Additional reporting on stock-cryptocurrency cross-currents can be found in Gate’s US Stock Update, KuCoin’s Daily Crypto Market Report, and analysis of Bitcoin’s evolving technical structure and Gartley pattern setup.
