Macro Pressure Hits BTC Harder Than Stocks

[etfs]

Bitcoin 30-day options skew (put-call) at Deribit. Source: laevitas.ch

Despite the S&P 500 sitting just 1.2% below its record high, Bitcoin continues to underperform. Whales are paying a 13% premium for protective puts, signaling elevated fear. Monday’s rejection at $92K triggered $92M in long liquidations, reinforcing BTC’s fragile momentum.

[Rimon Khan]

BTC reacts faster to macro shocks compared to equities.

[Abdul Khan]

This volatility gap is becoming more obvious each cycle.