Bitcoin's rejection at $78,000 on Thursday and a subsequent dip below $75,000 mark a sharp decoupling from two months of correlation with stocks. A near-term breakout above $82,000 looks less likely.
The weakness coincides with reserve sales by public miners. TeraWulf is adding 1-gigawatt of high-performance computing capacity in Kentucky, while Trump Media & Technology Group moved 2,650 BTC to an exchange, according to industry data.
Pro-crypto legislation including the Digital Asset PARITY Act and the Digital Asset Market CLARITY Act remains without scheduled hearings or votes.
Contrasting signals complicate the picture. The Nasdaq 100 set an all-time high and the Russell 2000 reached a record as AI-driven earnings lifted equities. Memory chipmakers SK Hynix and Micron each cleared $1 trillion market capitalisation.
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Federal Reserve total assets have stabilised near $6.7 trillion since April 15, tempering expectations of further balance-sheet expansion.
Near-term catalysts include congressional scheduling of hearings on the PARITY and CLARITY Acts, further public-miner reserve moves, and corporate AI-infrastructure deployments that could materially shift BTC demand.
