The recent round of Big Tech earnings in the US has failed to motivate bitcoin (BTC) markets to move higher.
Microsoft delivered an artificial intelligence-led profit beat on Thursday that set the Redmont megacap’s share price alight in post-market trades, while Google-parent Alphabet surged after announcing a first-quarter earnings beat and debut dividend.
Earlier in the week, Tesla saw a much-needed boost and though Facebook-parent Meta underwhelmed, the Big Tech earnings season has undoubtedly got off to a good start.
But if bitcoin has correlated with Big Tech in the past, the same cannot be said this time around.
The BTC/USD pair closed flat on Thursday and has dipped half a percentage point today. This follows a 3% nosedive on Wednesday.
As it stands, the pair is swapping for $64,176, rounding 1.2% lower week on week.
A poor showing in the bitcoin exchange-traded funds space has not helped matters. BlackRock’s iShares Bitcoin Trust (IBIT) broke its 71-day winning streak by posting its first-ever day of zero net inflows on Wednesday.
It ends an exceptional streak for the biggest spot-bitcoin ETF which saw it bring in the most cash inflows within 70 days of any ETF ever.
While $IBIT's daily inflow streak is over at 71 days, it is not done setting records. Here's a look at ETFs all time by assets after first 72 days on market. The league of own-ness of IBIT, FBTC et al shows how overheated it all was, a breather was overdue tbh @thetrinianalyst pic.twitter.com/CwarhzTOIC
— Eric Balchunas (@EricBalchunas) April 25, 2024
Ethereum (ETH) has seen little action over the past two days, having added half a percentage point against the US dollar on Thursday before dipping 0.8% today. At $3,130, the ETH/USD pair is up 0.8% week on week, beating out bitcoin’s 1.5% decline.
In the broader altcoin space, BNB and Ripple (XRP) are up in the mid-single digits week on week, while Dogecoin (DOGE), Solana (SOL) Toncoin (TON) and Cardano (ADA) have all posted losses.