1107 ET - Equity markets got support this week from some better-than-expected economic data--but that wasn't the case for bitcoin. "Bitcoin did not move and remained range-bound within the band it has occupied for most of the past two months," says Colin Basco of Coinbase Institutional in a note. "When Treasuries offer competitive yields, the desks that normally supply crypto leverage and liquidity have less incentive to deploy capital into crypto cash-and-carry trades," he says, adding that this is why volumes in bitcoin trading are light. Bitcoin is down 1% to $62,708.
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