Summary
- US stocks opened lower, and crypto-related stocks also fell in tandem.
- Strategy, Upexi, Sol Strategies, Circle, and BNB Network each posted declines of several percentage points.
- Bitcoin weakness, outflows from spot Bitcoin exchange-traded funds (ETFs), and Strategy's sale of part of its Bitcoin holdings were seen as weighing on sentiment toward related stocks.
Crypto-linked stocks fell in early trading as US equities opened lower. Weaker sentiment across digital-asset markets, with Bitcoin slipping below $70,000, appeared to weigh on the sector.
Crypto media outlet Odaily reported that shortly after the June 2 market open, the Dow Jones Industrial Average fell 0.18%, the S&P 500 dropped 0.18% and the Nasdaq Composite lost 0.26%. The Cboe Volatility Index, or VIX, rose 1.25%.
Most crypto-related shares traded lower. Strategy, formerly MicroStrategy, fell 5.72%. Upexi dropped 4.42%, Sol Strategies lost 3.59% and Circle declined 3.4%.
BNB Network also fell 3.06%.
Weakness in Bitcoin, outflows from spot Bitcoin exchange-traded funds and Strategy's sale of part of its Bitcoin holdings were seen as weighing on sentiment toward crypto-linked stocks.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
