Bitcoin Reclaims $77K as Miners Rise on Nvidia Beat, ETFs Bleed $2B

Bitcoin News

Bitcoin miners with data center exposure traded modestly higher after Nvidia delivered a record fiscal first-quarter print that surpassed Wall Street expectations. The chipmaker reported revenue of $81.62 billion, up 85% year over year and ahead of the $78.9 billion consensus, with adjusted earnings of $1.87 per share against $1.76 expected. Guidance for the current quarter landed near $91 billion. Core Scientific and Cipher Mining each ticked higher in after-hours trading as investors continue to treat hybrid Bitcoin miners as proxies for AI infrastructure buildout. CEO Jensen Huang framed the AI factory expansion as the largest infrastructure expansion in human history.

Elon Musk's SpaceX disclosed an 18,712 Bitcoin position worth roughly $1.45 billion in its long-awaited IPO filing, placing the aerospace giant among the ten largest corporate holders of the asset. The company originally acquired 25,724 coins at a cost basis of $661 million in 2021 and has trimmed the stash in subsequent years, recording a $112 million unrealized loss last year after a $955 million paper gain in 2024. Coins remain with third-party custodians. The filing ends years of speculation over whether the firm had quietly liquidated during the wallet consolidations spotted on-chain throughout 2024.

Bitcoin reclaimed the $77,000 handle on Wednesday as risk appetite firmed across global markets, with Brent crude easing below $108 a barrel and the Russell 2000 small-cap index pushing higher. The recovery came against a difficult macro backdrop where traders had been forced to reassess downside risk amid persistent fears of a broader economic slowdown. Intraday price action tracked the small-cap benchmark closely, signaling that macroeconomic flows rather than crypto-specific catalysts are currently driving Bitcoin's direction. The 24-hour gain comes after the asset spent much of the prior week consolidating in a narrow band beneath key resistance.

Spot Bitcoin ETF products saw approximately $2 billion in net outflows over the seven trading sessions ending Tuesday, the heaviest stretch of redemptions in recent memory. The withdrawals have stoked concern that a deeper correction below $75,000 could materialize if institutional appetite continues to wane. Historically, ETF flow data is a backward-looking signal that reflects positioning rather than predicts it, but the magnitude of the exit suggests allocators are actively de-risking ahead of upcoming macro events. Analysts highlight that sustained outflows of this size have preceded both meaningful corrections and durable bottoms in past cycles.

Onshore Chinese stablecoin activity points to waning demand for crypto exposure in one of the world's largest grey-market arenas. USD-pegged stablecoins traded at a 0.4% discount against the official CNY/USD reference rate on Wednesday, an inversion of the typical 0.3% to 0.8% premium driven by capital controls and arbitrage risk on local exchange venues. The discount signals that more capital is attempting to leave crypto positions than enter them, an unusually defensive reading. Combined with elevated oil prices and renewed risk aversion across emerging-market currencies, the data implies a cautious positioning shift among Asian retail and proprietary desks.

The tight correlation between Bitcoin and the Russell 2000 has emerged as the dominant technical narrative of the week, with the two benchmarks moving nearly in lockstep through Wednesday's session. The small-cap gauge deliberately excludes the thousand largest US listings, removing mega-cap tech concentration and producing a cleaner read on broader risk appetite. The high beta suggests Bitcoin is currently behaving as a leveraged risk asset rather than a hedge or safe haven. Traders watching equity volatility, dollar strength and Treasury yields are using small-cap rotation as a near-term leading signal for BTC direction into month-end.

With BTC trading near $77,439 and the 24-hour change at +0.92%, price sits between immediate support at $76,827 and resistance at $78,601. The RSI at 48.22 reflects a neutral midrange reading, while the MACD remains bearish and the broader trend is sideways. A clean break above $78,601 opens the path toward $80,474 and the psychological $82,850 zone, while a daily close below $76,827 risks a retest of $75,080 and the deeper $72,673 shelf. Bulls need volume confirmation through $80,000 to invalidate the bearish MACD; failure to defend $75,080 would extend the downtrend.