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Netflix and Bitcoin moved in opposite directions on Friday, with weak corporate guidance dragging one lower while crowded short positioning and calmer geopolitics pushed the other sharply higher.
Netflix shares dropped nearly 10% in Friday trading after the streaming company issued softer-than-expected second-quarter guidance and said co-founder Reed Hastings plans to leave the board in June when his term expires. The stock traded near $97.20, down $10.59 or 9.82%, even though the company delivered a stronger first quarter than analysts had expected.
The company reported $12.25 billion in revenue, above the $12.17 billion consensus estimate, while adjusted earnings per share came in at $1.23, well above the expected $0.76. Revenue also rose from $10.54 billion a year earlier. Still, the market focused on the weaker forward outlook rather than the quarterly beat.
Netflix Sells Off as Outlook Outweighs Q1 Beat
Netflix’s slide stands out even more when compared with its peers over the last six months. The performance chart shows Netflix down about 17.88%, while Paramount Skydance was down about 25.82% over the same stretch. Warner Bros. Discovery, by contrast, was up roughly 50.19%.
The market appears to be pricing in concern about near-term growth momentum after the company lost the contest for Warner Bros. Discovery and reset expectations with weaker second-quarter guidance.
Additionally, Hastings’ planned departure from the board removes a long-standing figure closely tied to Netflix’s transformation from a DVD-by-mail business into a streaming giant. While the board change did not drive the entire move, it added to a session already dominated by a cautious read on the company’s outlook.
Bitcoin Climbs as Hormuz Reopening Lifts Sentiment
Bitcoin moved in the opposite direction. A market update published Friday said Bitcoin rose toward $77,000 after remarks that the Strait of Hormuz was open for full passage helped improve sentiment across risk assets. Oil fell below $80 before stabilizing, while equities and crypto advanced during the session.
Bitcoin pushed back into the $76,000 to $78,000 zone, an area that has recently acted as resistance. However, the price action was not driven by sentiment alone. The technical picture from futures markets also pointed to growing pressure on short sellers.
Analyst Says Shorts Are Getting More Aggressive
Ted Pillows wrote on X that shorts were getting more aggressive and said the Bitcoin pump did not look finished yet. His chart showed BTCUSDT around $77,805 on Binance futures, with price pushing toward the upper end of the recent range.
The chart also showed aggregated open interest climbing to roughly 270,117K, which means more positions were being added as the price moved higher. At the same time, the aggregated funding rate remained negative at about -0.0067.
If Bitcoin keeps pushing higher, those short positions may have to unwind, adding more upward pressure. For now, Netflix is facing forward-looking skepticism, while Bitcoin is benefiting from a mix of improving macro sentiment and a futures structure that still looks hostile to shorts.
Related: Bitcoin Hits $77K as Hormuz Reopening Calms Markets