Velishchuk/iStock via Getty Images Bitcoin ( BTC-USD ) extended its decline on Wednesday, falling to its lowest level since February as investors continued to favor equities and other risk assets over cryptocurrencies. The world's largest cryptocurrency dropped as much as 2.3% to $65,385, before paring some losses and trading just above $67K at press time. Meanwhile, Ethereum ( ETH-USD ) traded at...
Velishchuk/iStock via Getty Images Bitcoin ( BTC-USD ) extended its decline on Wednesday, falling to its lowest level since February as investors continued to favor equities and other risk assets over cryptocurrencies. The world's largest cryptocurrency dropped as much as 2.3% to $65,385, before paring some losses and trading just above $67K at press time. Meanwhile, Ethereum ( ETH-USD ) traded at $1,874. The primary driver behind the drop has been record outflows from spot Bitcoin ETFs. “Investors have withdrawn between $2.3 and $2.8 billion in recent weeks, marking the largest selling streak since the launch of ETFs in the United States. Institutional demand, which had been the main growth driver in recent quarters, has noticeably weakened," explained SA analyst Traders Union . Additional pressure came from Strategy’s ( MSTR ) first Bitcoin sale in nearly four years. While the transaction involved just 32 bitcoins out of the company's 843,706-coin treasury, it challenged chairman Michael Saylor's long-standing "never sell" stance. X The weakness in Bitcoin stood in sharp contrast to broader markets. The S&P 500 ( SP500 ) and Nasdaq 100 ( NDX ) both closed at record highs on Tuesday, while most Asian equities advanced on Wednesday, with Japan's Nikkei 225 ( NKY:IND) reaching a fresh all-time high. 1-Y return (Seeking Alpha) “External factors are also weighing on the market. Rising tensions in the Middle East, increasing oil prices, and expectations that the Federal Reserve will maintain high interest rates are reducing the appeal of risk assets. Investors are shifting capital away from cryptocurrencies into safer instruments. As a result, Bitcoin is showing weaker performance even compared to the U.S. stock market, which remains near all-time highs,” Traders Union added. From a technical perspective, the market has reached a critical support area. Analysts note that a sustained move below $70,000 could open the path toward the $68,000–65,000 range. More on Bitcoin ...
MongoDB's blowout quarter is the latest proof that the SaaSpocalypse trade was built on fear rather than fundamentals, and the recovery is only getting started.
MongoDB's blowout quarter is the latest proof that the SaaSpocalypse trade was built on fear rather than fundamentals, and the recovery is only getting started.
Fuel sales in Pakistan have slumped as costlier prices triggered by the Iran war force consumers to cut back, according to AKD Securities Ltd. Overall sales by volume fell to 1.17 million tons in May, almost a quarter lower than the same month last year, the brokerage said in a report, citing figures from the Oil Companies Advisory Council, an industry group. Among individual products, sales of pe...
Fuel sales in Pakistan have slumped as costlier prices triggered by the Iran war force consumers to cut back, according to AKD Securities Ltd. Overall sales by volume fell to 1.17 million tons in May, almost a quarter lower than the same month last year, the brokerage said in a report, citing figures from the Oil Companies Advisory Council, an industry group. Among individual products, sales of petrol were 12% weaker on-year at 617,000 tons, while diesel sales plunged 32% to 455,000 tons, according to the report. Pakistan has been hit hard by the conflict between the US, Israel and Iran, with the near-total closure of the Strait of Hormuz choking off vital shipments and boosting prices. Nationwide inflation has accelerated to a two-year high, in part because of higher energy-import costs. “Diesel sales are lowest since February 2025,” Muhammad Ali, an analyst at AKD Securities, said in a phone interview. “The demand destruction from the historic price shock has come at a lag,” following earlier stockpiling, he said.