Leading cryptocurrencies experienced declines during Monday’s U.S. morning, reinforcing a clear trend of underperformance compared to the stock market.
Bitcoin traded flat just under $90,000 overnight but dropped to $86,800 as the U.S. market opened.
Bespoke Investment remarked, “If you only owned the iShares Bitcoin ETF IBIT post-hours (buy at close, sell at next open), it’s risen 222%. Conversely, if you only traded intraday (buy at open, sell at close), it’s down 40.5%.”
Other crypto stocks also opened lower, with Strategy (MSTR) and Circle (CRCL) both falling around 7%. Coinbase (COIN) slipped over 5%, while trading platforms Robinhood (HOOD) and eToro (ETOR) saw minor declines near 2%. Gemini (GEMI), which surged after receiving approval for adding prediction markets, saw a 10% drop Monday.
Many crypto miners, linked to the data center sector that faced setbacks last week from artificial intelligence concerns, continued to see downward movement. CleanSpark (CLSK), Cipher Mining (CIFR), Hut 8 (HUT), and TeraWulf (WULF) all reported declines exceeding 10%.
Upcoming Macro News
The U.S. government is gearing up after a prolonged closure, with the Bureau of Labor Statistics preparing to release employment reports for both October and November this week. This data will be closely monitored to assess the Federal Reserve’s potential interest rate cuts in early 2026.
Meanwhile, the Bank of Japan is anticipated to increase its benchmark interest rate for the first time in nearly a year.
Later this week, the Bank of England and the European Central Bank will also convene to review monetary policy.
