Bitcoin Slides Friday, Risk-Off Stays but Majors Hold Gains

Bitcoin slid 1.5% on Friday, February 27 to hover near $67,766 as a risk-off mood persisted across global markets, with crypto traders unwinding positions alongside equities following Nvidia's disappointing earnings reaction. Despite the single-day retreat, the flagship cryptocurrency clung to a 0.6% weekly advance, and most major altcoins fared even better -- suggesting the dip reflects a short-term leverage flush rather than a deeper structural breakdown.

Why Did Bitcoin Drop on Friday?

Bitcoin's Friday decline was a direct spillover from the Nasdaq selloff triggered by Nvidia's latest earnings report, according to Daniel Reis-Faria, CEO of ZeroStack. He told reporters that the leading cryptocurrency had pushed close to $70,000 earlier in the week, drawing leveraged speculators back into the market. When equity momentum stalled, that fast money exited crypto first.

"What you're seeing right now is Bitcoin moving in lockstep with the broader risk market," Reis-Faria said in a statement. "Nasdaq pulled back after Nvidia earnings, and crypto followed. A lot of leverage re-entered the system on the push higher, and when stocks begin selling off, crypto is typically the first place people de-risk."

The overnight drawdown appeared concentrated in a narrow window. Hourly returns across major tokens flipped green by Friday morning, indicating that dip buyers had quietly stepped back in at lower levels. Both Bitcoin and Ethereum remained trapped in the tight range that has defined price action since the February 5 crash, with Wednesday's run toward $70,000 marking the upper boundary and recent lows anchoring the middle.

Volatility is elevated because liquidity is tight across the board.

— Daniel Reis-Faria, CEO of ZeroStack

Altcoin Weekly Performance Stays Strong

Zooming out to the seven-day chart reveals a far healthier picture beneath Friday's headline losses. Cardano led major assets with a 7% weekly gain, while Solana) added 5.5%, Ethereum climbed 4.8%, and BNB advanced 4.3% -- all outstripping Bitcoin's more modest weekly return. The relative outperformance points to durable altcoin appetite even as macro headwinds rattle short-term sentiment.

XRP stood out as the notable laggard, falling 3.7% over 24 hours and finishing as the sole top-tier asset in the red on a weekly basis at -0.1%. The underperformance is striking given that other altcoins absorbed the same macro shock without surrendering their seven-day advances.

Asian Equities Rally Reshapes Capital Flows

The broader macro backdrop added an important layer of context to Friday's crypto weakness. Asian equities were on track for their best February performance since 1998, fueled by South Korean technology stocks that surged roughly 20% during the month as investors rotated into AI infrastructure plays. That capital migration drew funds away from U.S. markets, with the MSCI Asia Pacific Index poised to outperform the S&P 500 for a third consecutive month.

For Bitcoin, which increasingly behaves like a macro asset correlated to risk sentiment in equities, the capital rotation underscored the tight-range dynamic that has defined trading since the February 5 crash.

What Does This Mean Going Forward?

Until fresh demand enters the picture, Bitcoin is likely to keep mirroring equity swings within its established range, according to Reis-Faria. He emphasized that the current price action does not signal a trend reversal but rather reflects routine positioning cleanup in a low-liquidity environment.

"We're still trapped in the same range we've been in," Reis-Faria told reporters. "Until we see consistent new demand, these moves will keep repeating. Bitcoin trades like a macro asset -- when equities pull back, Bitcoin pulls back."