Bitcoin and ether show subdued activity while altcoins see aggressive positioning amid $4 billion Tether contraction.
Bitcoin remains flat despite global equities reaching record highs, driven by AI optimism and easing energy concerns. The S&P 500 and Dow Jones closed at all-time highs, while MSCI’s All Country World Index rose 0.4% and Asia Pacific benchmarks gained 2.2%.
Derivatives data reveal weak activity in bitcoin and ether, contrasting with aggressive positioning in select altcoins. A $4 billion contraction in Tether’s market value over 60 days signals capital outflows from crypto, suggesting late-stage selling pressure. U.S. spot bitcoin ETFs saw $5.4 billion in net outflows in the first half of the year as investors rotated into AI-linked assets.
The CoinDesk 20 index remains unchanged, with mixed performance among its components, highlighting crypto-specific weakness. Analysts note institutional and retail interest in crypto has cooled as AI dominates capital allocation.