Bitcoin Holds Up as Tech Stocks Plunge, Ether Sinks a Day After ETF Launch

The Nasdaq and S&P 500 suffered their worst declines since late 2022 on Wednesday, but Bitcoin’s {{BTC}} price largely held on, remaining near $66,000, where it was a day earlier.

The broad-market crypto benchmark CoinDesk 20 Index has also been sideways over the past 24 hours, with Solana’s SOL and Ripple’s XRP both up 3% to 4% over the same period, outperforming the broader market. Avalanche {{AVAX}}, Uniswap {{UNI}} and Ethereum Classic {{ETC}} are down 3% to 4%.

Ether’s {{ETH}} price action disappointed investors despite a very successful spot ETF debut on Tuesday, with ETH falling to $3,300, down almost 4% in the last 24 hours. It also hit its lowest price in two months against bitcoin.

ETH-BTC pair on Binance (TradingView)

“Real money interest was strong enough to consider the launch a marginal success, in line with general expectations, but not yet strong enough to prompt a repricing,” analysts at crypto market maker Wintermute wrote. “This could come in the following sessions.”

The moves come after the U.S. stock market plunged following disappointing earnings results from market leaders such as Alphabet (GOOG) and Tesla (TSLA), with the Nasdaq down 3.6% and the S&P 500 down 2.1%.

With the launch of Ether ETFs, investors’ focus may shift to U.S. economic data due on Friday and Donald Trump’s scheduled speech at the Nashville Bitcoin conference on Saturday.

Read more: Is Donald Trump Protecting Bitcoin’s Price From Tech Stocks’ Drop?