Bitcoin Still Trails Stock Markets
Bitcoin needs to regain strength relative to major stock indexes before the current crypto market cycle can change, according to Glassnode. Over the past 90 days, Bitcoin has fallen around 20%, while the S&P 500 gained approximately 5%. Since the beginning of the year, BTC has declined 35% and altcoins have dropped 57%, significantly underperforming assets such as gold, copper and silver. However, July brought a notable shift: Bitcoin gained 9% and Ethereum climbed 20% even as the Nasdaq-100 declined. Glassnode says the market remains largely equity-led, but Bitcoin's weakening correlation with the Nasdaq could indicate that the cryptocurrency is gradually becoming less dependent on traditional risk assets. For exchange users, this divergence is worth monitoring as it may affect short-term crypto market volatility. Track BTC, ETH and other digital assets and exchange crypto securely through xbit.money.