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Bitcoin continues to decouple from tech stocks, breaks $90,000

Bitcoin’s is decoupling from risk assets, crossing $90,000 for the first time since March 6. Tariff mayhem, President Trump’s push for Fed Chair Jerome Powell to step down, and extreme market volatility are contributing to the asset’s ascent.

“With US equities slipping back to tariff-era lows and the dollar plunging to a three-year nadir, bitcoin’s ability to post gains is reshaping investor perception,” Tracy Jin, COO of MEXC, said, adding that the tandem rally with gold is particularly notable — a signal that the crypto asset may finally be earning a seat at the table of traditional safe-haven assets.

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New bitcoin AfterDark ETF will be bitcoin at night, Treasurys by day

Tidal Trust II submitted form N-1A with the SEC to register a bitcoin ETF designed to systemically capture the cryptocurrency’s overnight return profile, a time window that delivered a significant portion of bitcoin’s upside last year.

The Nicholas Bitcoin and Treasuries AfterDark ETF provides long bitcoin exposure during US overnight hours, from the closing bell until the following morning’s market open, when the fund intends to unwind its positions, according to a document filed with the SEC on Tuesday. 

To gain that exposure, the ETF may use a number of methods, including bitcoin futures contracts, US-listed ETFs, or exchange-traded options on such bitcoin underlying funds. When the market is open and daytime trading is active, the fund’s portfolio will consist of US Treasury securities and other cash equivalents. 

In 2024, most of bitcoin’s gains occurred after-hours, senior Bloomberg ETF analyst Eric Balchunas reported:

The AfterDark ETF filing comes as bitcoin crossed $94,000 on Tuesday, rising 4.5% in the last 24 hours. Even though spot bitcoin ETFs saw nearly $60.5 million in outflows on Monday, the investment vehicles have a cumulative net inflow of $57.6 billion, per SoSoValue.

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