Major cryptocurrencies fell during the US morning hours on Monday, continuing a now crystal clear pattern of relative underperformance as US stocks trade.
Trading pretty flat just below $90,000 overnight, bitcoin fell to $86,800 in mid-morning US trade.
“Since iShares Bitcoin ETF IBIT began trading, had you only owned it after the close (buy the close, sell the next open), it has risen 222%,” Bespoke Investment noted. “If you only owned intraday (buy the open, sell the close), it’s down 40.5%.”
Crypto stocks also started the week significantly lower with both Strategy (MSTR) and Circle (CRCL) both down around 7%. Coinbase (COIN) fell more than 5%, while trading platforms Robinhood (HOOD) and eToro (ETOR) faced smaller declines of around 2%. Brokerage Gemini (GEMI), which soared late last week after approving adding prediction markets to its offerings, retreated 10% on Monday.
Crypto miners, many closely tied to the data center infrastructure theme that took a hit last week amid artificial intelligence jitters, continued their downward trajectory. CleanSpark (CLSK), Cipher Mining (CIFR), Hut 8 (HUT) and TeraWulf (WULF) all recorded over 10% declines.
Macro news in print
As the US government continues to ramp up after its long shutdown, the Bureau of Labor Statistics is set to release employment reports this week for both October and November. The data will be closely watched to help determine whether the Federal Reserve continues to cut interest rates in early 2026.
The Bank of Japan, meanwhile, is expected to raise its benchmark interest rate for the first time in nearly a year.
The Bank of England and the European Central Bank will also meet later this week to discuss monetary policy.
