Bitcoin slid to $75,498 in Asian hours Tuesday, leaving crypto markets out of step with the equity rally that pushed global stocks to record highs overnight.
XRP, ether, and Solana were each down as much as 1% in the past day, per CoinDesk data, while Zcash (ZEC) dropped 9% to $564, the biggest single move among the top 15. Hyperliquid (HYPE) bucked the cohort at $59.99, up 1.4% on the day and now sitting just behind Dogecoin on market cap. Tron (TRX) is the quiet performer of the past week, climbing steadily as the rest of the majors held narrow ranges.
What traders are now watching is a setup forming on the bitcoin chart. FXPro analyst Alex Kuptsikevich said in an email the price is finding support near the rising 50-day moving average, while the 200-day moving average briefly acted as resistance earlier in May.
The two lines are on track to cross in the coming weeks, a setup known as a golden cross, which is generally read as a bullish signal. A break of either moving average before the cross could set the direction for crypto markets through the next several weeks, he said.
The flow data has been less encouraging. Spot bitcoin ETFs in the U.S. saw $1.74 billion in withdrawals over the past two weeks, per CryptoOnchain. Retail traders have been adding leverage in the meantime, a combination that has historically preceded sharp liquidation cascades when the market turns against the crowd.
The pattern is showing up at the same time the broader market is asking which asset gives the signal first. Joel Kruger, market strategist at LMAX Group, said ether remains the critical chart to watch, with repeated failures ahead of $2,400 reinforcing the importance of that resistance band.
A decisive daily close above $2,400 would mark a major technical shift and likely bring renewed institutional participation, Kruger said.
The U.S. Securities and Exchange Commission added another piece to the institutional puzzle on Monday, approving the listing of options on a bitcoin index calculated from BTC prices across multiple exchanges. It is the first instrument of its kind, with existing crypto options on U.S. stock exchanges limited to those tied to spot ETF shares.
Equities went the other way overnight, meanwhile.
The MSCI All Country World Index rose for a sixth straight day to a record. South Korea’s Kospi is up about 100% on the year, making it the best-performing major equity gauge globally. Micron Technology jumped 19% in U.S. trading to cross $1 trillion in market value, joining SK Hynix in the chip stocks at that level. Brent crude slipped 1.5% to $98 on signs of progress in U.S.-Iran negotiations. Treasury yields edged lower, with the 10-year at 4.47%.
Bitcoin’s lag behind equities has been one of the cleanest market signals of the past month. Whether that gap closes through a chip-led equity pullback or a bitcoin catch-up depends on which side of the moving average crosses first.