Bitcoin Decoupling from The Stock Market is Here as BTC Eats Up Altcoin and DeFi Market


Bitcoin 2, everything else 0.

This is the tally after Bitcoin continues to move up following yesterday’s jump above $11,800.

Today, the leading cryptocurrency actually hit $12,000 on Bitfinex, last seen on Sept. 1st.

Since yesterday, BTC/USD has jumped over 5% on the back of $1.7 billion in real trading volume.

Interestingly, altcoins are not following this move up; as a matter of fact, they are recording losses, which means money is flowing out of the altcoins and into Bitcoin.

“Bitcoin about to consume the entire DeFi market and all the alts in the greatest consolidation crypto has/will ever see,” noted analyst Mati Greenspan.

Among the top cryptos, Chainlink is down the most, 5.43%; however, according to IntoTheBlock data, the number of LINK holders keeps on growing to hit a new record of 249.55k.

Ether is also down about 3% to just under $373.

“Eth is really lagging now but I think this recent move was probs some derivs bears tryna get out of their underwater btc shorts by nuking alts lol, waiting for eth derivs to give me more market info but honestly might actually punt an eth long soon,” said trader Loomdart.

DeFi tokens are experiencing even more severe losses between 5% to 15%, and in the past week, it has been up to 35%.

Besides altcoins, everything else is also not feeling as good or as bullish as BTC.

The equity market started with greens but soon dropped with S&P 500 trading at 3,448. The same is the case for tech-heavy stocks Nasdaq at 11,532 and Dow Jones Industrial Average at 28,370.

Unlike yesterday, today, gold is making some moves as it rises to $1,910. The USD Index actually went under 93 and is currently trading around this level.

“The decoupling is upon us. Makes sense that BTC will continue to be correlated in short timeframe trading; but not in the longer timeframes. BTC is a safehaven, just that “risk-on” (meaning it's very new) is skewing this fact,” said on-chain analyst Willy Woo.

Meanwhile, for Bitcoin, the ongoing spike in the price is resulting in millions in liquidations, with the largest single liquidation order happening on Bitmex-BTC value $5.57 million.

The good thing for the Bitcoin market is that the BTC exchange balance continues to fall ever since March 15th. During this period, the net outflow has been 450,000 BTC, and the total exchange balance has reached the lowest point since November 2018.

On the other hand, the number of addresses holding at least $1 worth of BTC topped 24 million for the first time last week.

Additionally, institutional sized traders on CME, although don’t make up much of the open interest (OI), were only holding long positions last week. Overall, CME futures OI rose sharply yesterday, adding nearly 1,500 contracts on the October expiry.

Bitcoin (BTC) Live Price

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