Bitcoin and Ether Open June Lower as the Hard-Money Trade Splits

Bitcoin began June trading near $73,300 and lower on the day, extending a decline from May, a month that has usually produced positive returns for the asset. Ether traded close to $2,000. United States equity index futures rose at the same time, a divergence that suggests investors were willing to take risk in stocks while reducing exposure to crypto.

The divergence extends beyond a single trading session. Bitcoin and software equities, which tracked each other closely for years, have sharply diverged, with technology shares recovering while the largest cryptocurrency lagged. That divergence contrasts with the metals. Gold held above $4,500 an ounce and silver traded near $76, with silver up more than 100 percent from a year earlier, according to market data compiled by Trading Economics.

For investors who treat bitcoin, gold and silver as related claims on a debasing currency, the question is which signal to trust. The companies built around bitcoin accumulation continue to rely on financial engineering. Strategy, the corporate treasury that holds bitcoin, kept the dividend on its STRC preferred shares at 11.5 percent for a fourth straight month, balancing yield against its ability to issue stock and keep buying the asset.