BTC Holds Steady While Nasdaq Slides, Hinting at Decoupling

Bitcoin Steadies as Wall Street Slides, Hinting at Potential Market Decoupling

As U.S. equities spiral lower for a second straight day following President Trump’s surprise tariff package, bitcoin (BTC) is showing unexpected strength—fueling speculation that the long-awaited decoupling from tech stocks may finally be underway.

While the Nasdaq continues its historic plunge—down 6% on Thursday and another 5% by Friday midday—bitcoin has managed to hold its ground near $83,000. The modest 1% daily gain and just a 3.5% drop since the tariff news broke mark a stark contrast to the freefall in traditional markets.

Crypto-adjacent equities, however, haven’t shared in the digital asset’s resilience. Shares of Coinbase (COIN), MicroStrategy (MSTR), and Semler Scientific (SMLR) have all seen steep declines, highlighting the growing divide between digital assets themselves and crypto-linked stocks.

Meanwhile, broader crypto markets are flashing green. The CoinDesk 20 Index is climbing, led by solid 4–5% gains in tokens like XRP, Solana’s SOL, and Cardano’s ADA.

“Bitcoin has begun to act less like a tech proxy and more like a macro hedge,” said David Hernandez of 21Shares. “That shift could prove pivotal if the current economic and geopolitical turbulence drags on.”

Standard Chartered’s Geoff Kendrick echoed the sentiment, noting that bitcoin tends to mirror tech stocks during normal trading conditions but may flip roles during crisis moments. “Bitcoin’s function as a geopolitical hedge—particularly during perceived U.S. instability—is becoming more evident,” he wrote in a client note.

Still, some believe the recent strength may have more to do with steady corporate accumulation. “This price action smells like ongoing treasury allocations from companies like GameStop or Saylor’s MicroStrategy,” Fundstrat’s Sean Farrell posted on X. “If we’re still here Monday, maybe we’re looking at something bigger.”

For now, the market watches to see whether this divergence between bitcoin and the Nasdaq is temporary—or the start of a new narrative.

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