Mike McCluskey argues that bitcoin’s slide is due to its high-beta relationship with tech equities rather than broken crypto-native fundamentals.
Key Takeaways:
Kospi’s 8% drop and BTC’s fall to $59,018 show global tech contagion, per Mike McCluskey.Nvidia and Micron pullbacks drove $700M liquidations as ETF outflows eased mid‑week.Strive’s BTC buys and the 200‑week MA signal support ahead of Friday’s $60K expiry test.However, McCluskey noted that even as outflows persist, their magnitude has somewhat diminished, suggesting that institutional investors are buying again.
Looking ahead, McCluskey said confirmation of robust artificial intelligence infrastructure demand would be the most immediate stabilizer for the risk-off impulse currently weighing on digital assets.
