Bitcoin shrugged off a broad technology-sector sell-off this week, holding above $65,000 even as the Nasdaq 100 dropped more than 3% on rising Treasury yields and disappointing mega-cap earnings. The decoupling has analysts asking whether the cryptocurrency is entering a new regime where it trades more like digital gold than a risk asset.
“Bitcoin’s resilience while tech stocks crater is notable,” said James Van Straten, senior analyst at CryptoSlate. “The correlation with the Nasdaq has been decaying for weeks, and Strategy’s $2 billion convertible note offering to buy more BTC has provided a structural bid.”
Strategy, formerly MicroStrategy, announced Monday it raised $2 billion through a 0% coupon convertible senior notes due 2029, earmarking the proceeds for additional bitcoin purchases. The company now holds 386,700 BTC acquired at an average price of roughly $56,800. The cash infusion removes a near-term overhang and gives bulls a concrete catalyst for a push toward $70,000.
Derivatives markets tell a more cautious story. Open interest on CME bitcoin futures slipped 4% this week, and the 25-delta skew — a measure of put versus call demand — remains slightly negative, signaling lingering hedging demand. Funding rates on perpetual swaps are near neutral, suggesting leveraged longs aren’t overextended.
“The spot bid is real, but derivatives aren’t screaming conviction yet,” said Greg Magadini, director of derivatives at Amberdata. “A sustained break of $68,500 would likely trigger short covering and gamma hedging that could accelerate a move to $70,000.”
On-chain metrics support the constructive view. Glassnode data shows long-term holder supply hit an all-time high of 14.7 million BTC, indicating conviction among investors with multi-year horizons. Exchange balances continue to drift lower, reducing near-term sell-side liquidity.
Source: Cointelegraph
