Bitcoin fell 5.8% today to $67,200, its lowest level since early April, taking its yearly decline to 36.6%.
This might be expected if all risk assets were down. But we are in one of the strongest risk asset rallies in recent memory. That is what makes bitcoin’s weakness stand out.
Bitcoin has a scarcity narrative and the political narrative (The Trump administration was viewed as the ultimate bull case for crypto), but those have not been enough obviously.
Across equities, investors have continued to reward almost anything linked to artificial intelligence, cloud, and semiconductors.
In recent sessions, Dell jumped 30% after its AI server update, HPE surged 28% after earnings, Marvell rose more than 25% after Nvidia CEO Jensen Huang praised the chipmaker. The rally has also reached names outside the core chip trade, with Nokia hitting a 16-year high after its April results and Fastly more than doubling in 2026.
Against that backdrop, bitcoin’s failure to participate in the broader rally is difficult to ignore.
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