Bitcoin trails stocks by most since 2019 as traders get their kicks elsewhere

Bitcoin hasn't had this cold a winter in seven years. The biggest crypto token – which trades with a market cap of $1.3 trillion – is down 35% since its relative strength versus the Nasdaq-100 peaked almost a year ago, during which the big-tech index has rallied about an equal amount. The resulting 70-percentage-point GAP is the widest in favor of stocks since March 2019, according to data compiled by CNBC. If options flows are an indicator, it's got so-called bitcoin "HODLrs" – "hold on for dear life" devotees – thinking about folding. Stock Chart Icon Stock chart icon Nasdaq-100 vs bitcoin, 1 year For the first time in weeks, options volumes in key crypto equities like the iShares Bitcoin Trust (IBIT) and Michael Saylor's Strateg y are shifting bearish, with put volumes outpacing calls on Tuesday, and more calls being sold than bought in MSTR and IBIT. In Strategy, almost 100,000 puts were likely bought, compared to under 37,000 calls, ThinkOrSwim data show. The most popular contract by volume according to SpotGamma: the 100-strike put expiring June 18 – a bet on new year-to-date lows.. The sentiment also extended to options on crypto exchange Coinbase, where more than twice as many calls were sold as were bought on Tuesday. …