S&P 500 Hits Record High as Bitcoin Struggles
- The S&P 500 closed at a record high of 7,599.96 on June 1, driven by a tech rally led by Nvidia.
- Bitcoin opened June below $71,000 following $2.43 billion in May spot ETF outflows.
- All major U.S. stock indexes reached new highs on the same day, with Nasdaq up by 0.42% and Dow Jones by 0.09%.
- Institutional outflows from U.S. spot bitcoin ETFs were the largest of the year in May.
- Michael Saylor’s Strategy sold off Bitcoin for the first time since 2022, causing market concerns.
Entering June, Bitcoin lagged behind stocks that hit record highs, highlighting a growing gap between equities and cryptocurrencies amidst large institutional outflows from bitcoin ETFs.
The divergence between rising stock markets and a struggling bitcoin market raises questions about its correlation with risk assets moving forward into summer months as equities continue to reach new heights while Bitcoin remains under pressure due to significant ETF redemptions.(Source)
