Traders have been treating Bitcoin as a high-beta proxy for the same risk appetite driving Nvidia and the Mag-7, one that should move with equities on green days. Instead, Bitcoin lost its $80,000 support and registered an intraday low of $78,759.
BlackRock has continued to sell Bitcoin consistently this week as the leading cryptocurrency puts a hold on its recent price rally, causing its price to remain steady around the $80,000 mark.