BlockBeats news, June 2: Bitcoin fell to its lowest level since April 7 on Tuesday, dropping more than 4% in a single day and approximately 8% over the past seven days. In stark contrast, U.S. stock markets continued to hit new all-time highs, with the S&P 500 rising above 7,600 and the Nasdaq surpassing 27,000, highlighting a growing divergence between cryptocurrency and traditional risk assets.
Andri Fauzan Adziima, Head of Research at Bitrue Research Institute, stated that Bitcoin is currently the only major asset class showing clear contraction, reflecting the market’s perception of it as a high-beta risk asset driven by macro risk sentiment rather than as an independent safe-haven tool. However, he believes this divergence is more likely cyclical, and Bitcoin is still expected to regain relative strength once the macro environment improves.
On-chain analytics firm Santiment notes that the performance gap between traditional stock markets and the crypto market is becoming increasingly difficult for investors to ignore. As U.S. stocks continue to offer higher returns and lower volatility, some capital is flowing from the Bitcoin and altcoin markets into equities, creating a rotation effect. However, the firm also emphasizes that when market sentiment broadly shifts toward "stock FOMO, crypto FUD," it often signals that expectations have become excessively one-sided; historical data shows that market movements frequently contradict the majority of investors' expectations.
From a technical perspective, Bitcoin is approaching the $69,000 area near the 200-week exponential moving average (EMA). This level has long been regarded as a critical support zone in bull and bear cycles, and whether it can hold this key level will be a major focus for the market.