Bitcoin slid under $77,000 on Friday, extending its recent slump even as the Dow Jones Industrial Average punched through to fresh all-time highs. The divergence caught traders' attention, with many pointing to weakening demand from US buyers as the culprit behind crypto's latest leg lower.
Dow soars, bitcoin stalls
The Dow's rally to a record close came on the back of strong consumer spending data and corporate earnings, reinforcing the narrative that the US economy remains resilient. Bitcoin, meanwhile, has struggled to hold ground above $80,000 in recent weeks. Friday's drop below $77,000 marks the first time the cryptocurrency has traded that low since mid-April.
The mismatch is stark. Equities are riding a wave of optimism, while digital assets are getting hammered. Traders say it's not a broad risk-off move — it's specific to crypto.
Weak US demand flagged
Multiple traders on the desk cited tepid order flow from US-based institutions as a key factor. The usual buying pressure that follows a Dow record simply hasn't materialized for Bitcoin. “There's just no urgency from US buyers right now,” one trader said, speaking on condition of anonymity. Another noted that stablecoin inflows into exchanges have been flat for weeks, suggesting limited fresh capital coming in from American accounts.
The slowdown isn't new — it's been building since late April — but Friday's price action brought it into sharper focus. Without US demand, the market lacks a key driver.
What traders are watching next
With Bitcoin now below $77,000, attention turns to whether the level can be reclaimed quickly. A sustained break lower could open the door to the low $70,000s, though no one is calling for a crash. The broader macro backdrop — rate cuts expected later this year — still supports risk assets in the medium term.
For now, the onus is on US buyers to step back in. If they don't, the gap between Wall Street's party and crypto's hangover will only widen.
