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Stocks Rip, Crypto Dips

As Bitcoin drops, the SPX is hitting all-time highs.

Jack Inabinet
Jan 20, 2024 • 1 min read

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January has been a slog for crypto bulls, but traditional stock indices are marching to new highs! Why have trad markets decoupled?

The total crypto market cap (TOTAL) has plummeted 12% from its BTC ETF debut highs and is currently down 1% on the month, but the broad market S&P 500 is up 2.1% and tech-heavy Nasdaq 100 have respectively gained 2.1%, and 4.7% off their monthly opens!

TradFi bulls may be celebrating the moment, but it could be the bears who are about to come into control: historically, interest rate peaks coincide with stock market tops.

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Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.