Ether's Surge Leaves Bitcoin Stuck Amid Macro Uncertainty
Crypto markets are no longer moving in lockstep as evidenced by this week's divergence between Ether and Bitcoin. While Ether is pushing higher, Bitcoin has found itself stuck in a narrow band around $65,000.
This split reflects the macro environment's refusal to give one-directional signals to risk assets. According to Jeff Ko from CoinEx, the current situation is due to several crosscurrents: retreating oil prices, a 4.7% yield on the 10-year Treasury note, and a week packed with megacap corporate earnings.
These forces pull in different directions, making it difficult for Bitcoin to break out. For instance, cheaper oil reduces inflation fears but elevated yields make holding non-yielding assets like Bitcoin less attractive on a relative basis.