Crypto traders face macro test as U.S. stocks extend risk‑on rally

U.S. equities opened sharply higher on Wednesday, extending a risk‑on streak that is increasingly dictating the tone in digital assets as well. The S&P 500 opened up 49.73 points, or 0.72%, at 6,991.54, while the Nasdaq Composite gained 205.39 points, or 0.89%, to start at 23,307.86, and the Dow Jones added 252.14 points, or 0.5%, to 50,440.28. According to Gate’s market desk, this opening bid reflects “broad‑based strength across U.S. large caps,” with tech and growth “still carrying the baton for macro risk.”

For crypto traders, that backdrop matters. U.S. stocks and Bitcoin have traded as a high‑beta macro pair for much of this cycle, and today is no exception: Bitcoin (BTC) changes hands near $67,253, down about 2.5% over the last 24 hours, after briefly slipping below $70,000 earlier in the session. Ethereum (ETH) trades around $1,939, off roughly 3.6% on the day, with a 24‑hour range between about $1,934 and $2,042. Solana (SOL) is quoted near $80.80, lower by around 4.3% in the last 24 hours, after touching a high close to $84.9.

This divergence — equities grinding higher while major coins bleed lower — underscores that “crypto is still the purest expression of macro risk appetite, but it’s also the first place investors de‑risk when volatility spikes,” as one derivatives desk put it in a morning note. Bitcoin’s slide below the $70,000 handle, to lows just under $67,900, came as total crypto market capitalization posted a second straight daily decline and altcoins “retreated alongside the broader market.” Market sentiment has lurched back into fear territory, with one popular gauge printing “extreme fear” despite U.S. indices notching fresh advances.

Yet the equity open does offer a modicum of support. As long as the S&P 500 and Nasdaq sustain their upward bias, systematic and cross‑asset funds are likely to keep treating large‑cap crypto as a high‑octane satellite to their equity books rather than a separate asset class. In that sense, today’s tape reinforces the regime: crypto remains chained to the same macro engine that is pushing Wall Street higher — only with far more torque on every turn.