Equity weakness could damp demand for bitcoin after biggest ETF inflows in a month

Bitcoin BTC $81,462.69 dropped about 1.1% over the last 24 hours, ether ETH $2,384.57 fell 1.7% and the broader CoinDesk 20 ( CD20 ) Index lost roughly 1.6%, pulled lower by declines in Asian stocks and the rising price of oil. Further weakness in equities could damp demand, analysts at QCP Capital wrote in a note published Monday. That may be on the cards. Both Nasdaq 100 futures and S&P 500 futures are lower, with companies including Coinbase Global COIN and Galaxy Digital GLXY falling in pre-market trading. “Broader equity deleveraging dynamics could transmit to cryptocurrency markets and potentially threaten the $80,000 support level if sustained,” the analsysts wrote.

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