Bitcoin Stalls at $64K While Stocks Soar: Why Crypto Isn't Joining the Rally

Bitcoin Flat as Global Stocks Hit Records

Bitcoin and other major cryptocurrencies remained little changed on Wednesday, even as global equities surged to fresh all-time highs on renewed AI enthusiasm. This divergence highlights a growing disconnect between crypto and traditional risk assets.

BTC traded just above $64,000, up less than 1% on the day and roughly flat over the past week. Ether slipped to $1,864, down 2% on the week, making it the only major token in the red. XRP fell nearly 1% to $1.07, dogecoin dropped to just under 7 cents, and tron slipped under 1% to 33 cents. Solana remained flat near $73.60, while BNB added over 1% to $598, leading majors over seven days with a 5% gain. Hyperliquid's HYPE was the standout performer, up 3% to nearly $56.

Meanwhile, the equity markets told a different story. MSCI's All Country World Index rose 0.4% toward another record close, its Asia Pacific benchmark gained 2.2%, and Australian shares hit a new peak. The S&P 500 and Dow both closed at all-time highs on Tuesday. Tech stocks like SK Hynix jumped 6.4% and Nvidia added over 2% after hours, though AMD dropped 9% on a soft sales outlook and SpaceX fell 7.5% on higher projected AI spending.

Macro Tailwinds Fail to Lift Crypto

Brent crude fell 1.1% to about $78.50 a barrel after reports that Washington, Tehran, and Oman were close to an agreement to reopen the Strait of Hormuz. Treasuries and gold both advanced as traders trimmed bets on further rate hikes.

Despite these macro tailwinds—cheaper oil, easing rate expectations, and a risk-on equity bid—crypto has failed to rally for three consecutive sessions. Analysts suggest the drag is internal market dynamics rather than macroeconomic factors. Bitcoin sits roughly 49% below its October peak of $126,000, while the second-largest asset is falling on the week.

What to Watch: Hormuz Deal

Traders are now eyeing a potential Strait of Hormuz deal announcement, which could be the cleanest macro catalyst for crypto this week. If the market fails to rally on a confirmed deal after ignoring the prospect of one, it would signal that buyers are elsewhere.