The Information · Microsoft · Nvidia · Apple · Michael Saylor · S&P 500 · CryptoSlate
The S&P 500 hitting another all-time high just exposed Bitcoin’s real problem
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Bitcoin’s drop below $80,000 came as the S&P 500 registered record highs.
Key facts
- Per Farside Investors data, spot Bitcoin ETFs drew $629.8 million on May 1, $532.3 million on May 4, and $467.3 million on May 5
- The Fed's balance sheet stood at approximately $6.71 trillion in total assets as of May 6, with reserve balances at over $3 trillion and the Treasury General Account at $878 billion
- Goldman Sachs estimates AI investment alone will drive roughly 40% of S&P 500 EPS growth this year, and the largest cloud infrastructure companies plan to spend approximately $670 billion in 2026
- A failure to reclaim $80,000 within the next few days opens a test of the $74,000-$68,000 zone, where derivative liquidations and retail stop-losses are concentrated
Summary
Traders have been treating Bitcoin as a high-beta proxy for the same risk appetite driving Nvidia and the Mag-7, one that should move with equities on green days. Instead, Bitcoin lost its $80,000 support and registered an intraday low of $78,759.70 on May 13, while the S&P 500 registered a new all-time high, QQQ rose 1.06%, and Nvidia added 2.84%. This equity rally runs on earnings revisions, AI revenue, and buybacks, all of which bid up cash-flow assets and bypass liquidity ones. The S&P 500 was green because the top 10 stocks, which now account for 36.5% of the index by market cap and are led by Nvidia, Apple, and Microsoft, were up.