Crypto Stocks Slide as Bitcoin Stagnates Amid Market Rally

On June 6, crypto-linked equities decoupled further as Strategy and Coinbase fell 2.18% and 1.52% while the Dow, S&P 500 and Nasdaq rose modestly. The move extends the June 3 breakdown in which Bitcoin posted a 70 percentage-point return gap versus the Nasdaq 100—the widest since 2019—after dropping 16% in a month and 35% in relative strength. Raoul Pal countered the selloff narrative by highlighting Bitcoin’s 318% gain since the 2022 FTX low versus the Nasdaq 100’s 187% rise, framing the latest weakness as a liquidity-driven mid-cycle correction rather than a fundamental shift.