Bitcoin underperforms as ETF outflow streak drags on and stocks hit new highs

The stock market is throwing a party. Crypto wasn’t invited.

The S&P 500 hit a new all-time high this week, the kind of milestone that historically pulls risk assets upward in its wake. Bitcoin didn’t get the memo. BTC slipped near $75K, marking a 1.4% decline over 24 hours and a 2.7% drop over seven days, according to CoinGecko data. When equities rally and crypto doesn’t follow, it tells you something uncomfortable about where sentiment actually stands.

The broader picture is arguably worse. Ethereum spot ETFs have now posted 11 straight days of net outflows, a losing streak that’s actually longer than Bitcoin’s own ETF outflow run. The Fear & Greed Index, tracked by Alternative.me, reads 25, firmly in “Extreme Fear” territory. Last week it was 27, which was just regular “Fear.” So things are, technically, getting worse.

A market that refuses to catch a bid

Here’s the thing about crypto’s relationship with equities: it’s supposed to be a risk-on amplifier. When stocks go up, crypto should go up more. When stocks go down, crypto should go down harder. That’s been the playbook for years.