The recent round of Big Tech earnings in the US has failed to motivate bitcoin (BTC) markets higher.
Microsoft (NASDAQ:MSFT) delivered an artificial intelligence-led profit beat on Thursday that set the Redmont megacap’s share price alight in post-market trades, while Google-parent Alphabet (NASDAQ:GOOGL) surged after announcing a first-quarter earnings beat and debut dividend.
Earlier in the week, Tesla (NASDAQ:TSLA) saw a much-needed boost and while Facebook-parent underwhelmed, the Big Tech earnings season has undoubtedly got off to a good start.
But if bitcoin has correlated with Big Tech in the past, the same cannot be said this time around.
The BTC/USD pair closed flat on Thursday and has dipped half a percentage point today. This follows a 3% nosedive on Wednesday.
As it stands, the pair is swapping for $64,176, rounding 1.2% lower week on week.
A poor showing in the bitcoin exchange-traded funds space has not helped matters. BlackRock’s iShares Bitcoin Trust (IBIT) broke its 71-day winning streak by posting its first-ever day of zero net inflows on Wednesday.
It ends an exceptional streak for the biggest spot-bitcoin ETF which saw it bring in the most cash inflows within 70 days of any ETF ever.
While $IBIT's daily inflow streak is over at 71 days, it is not done setting records. Here's a look at ETFs all time by assets after first 72 days on market. The league of own-ness of IBIT, FBTC et al shows how overheated it all was, a breather was overdue tbh @thetrinianalyst pic.twitter.com/CwarhzTOIC— Eric Balchunas (@EricBalchunas) April 25, 2024
Ethereum (ETH) has seen little action over the past two days, having added half a percentage point against the US dollar on Thursday before dipping 0.8% today. At $3,130, the ETH/USD pair is up 0.8% week on week, beating out bitcoin’s 1.5% decline.
In the broader altcoin space, BNB and Ripple (XRP) are up in the mid single digits week on week, while Dogecoin (DOGE), Solana (SOL) Toncoin (TON) and Cardano (ADA) have all posted losses.