Bitcoin’s slide continued overnight, briefly touching $62,700 before stabilizing. As of 6:00 am ET, BTC was trading at $63,275, with ether at $1,823. The broader market remains under pressure, down roughly 3.4%, with total crypto market cap hovering near $2.25 trillion.

Sentiment has collapsed. The Fear and Greed Index fell to 5, one of the weakest readings on record. U.S. spot Bitcoin ETFs saw another $203 million in outflows on Monday, extending the longest redemption streak since early 2025. Ether ETFs lost an additional $50 million. Liquidity remains thin and funding rates negative, signaling persistent deleveraging rather than fresh buying.

This story is an excerpt from the Unchained Daily newsletter.

In a market update report, Wintermute described BTC as trading like a “high beta asset,” moving alongside growth stocks in what it called a broader regime shift. According to the firm, markets are repricing structural forces such as tariffs, deglobalization and AI disruption, while the Fed appears constrained. In that environment, growth and momentum assets are being sold, and crypto is caught on the wrong side of the rotation. Wintermute added that positioning shows protection, not conviction, with basis near multi-month lows and put skew elevated.