Nasdaq slip tests crypto's decoupling story as BTC and ETH hold up

U.S. equities opened weaker (Nasdaq -1%, S&P 500 -0.6%, Dow -0.27%) while major cryptocurrencies showed intraday resilience. Bitcoin traded near $75,325 and Ethereum around $2,318 by 9 a.m. EST, rebounding from earlier lows even as futures pointed to a softer Nasdaq. The divergence has reignited debate over crypto’s decoupling from growth stocks, though on‑chain risks remain: a break below $2,040 in ETH could trigger up to $1.4bn in long liquidations. Listed crypto proxies stayed tied to equity behavior — Coinbase shares remain volatile after a steep YTD drawdown — underscoring that crypto can outpace U.S. tech intraday but would likely re‑correlate if broader stock markets suffered deeper losses.