BTC Sees Best Day in a Month as S&P 500 Falls: A Rare Outperformance

Bitcoin climbed 2.6% to over $64,000 on Monday while the S&P 500 fell 0.52%; however, Glassnode data showed that this rare outperformance does not yet signal a permanent trend shift.

According to CoinDesk data, the price of Bitcoin surpassed the $64,000 level during the day, recording its best daily performance in the last month. In the same session, the S&P 500, a key indicator for Wall Street, fell 0.52%. Thus, Bitcoin not only outperformed the stock index but also moved in the opposite direction.

For most of its history, Bitcoin has been considered an asset with higher volatility compared to stocks. This characteristic means it moves more sharply than the stock market during both rallies and declines. However, Glassnode stated in its assessment via Telegram that Bitcoin was able to outperform the S&P 500 on approximately one-third of trading days over the last three months.

Bitcoin Has Rarely Outperformed the S&P 500 in the Last Three Months

This ratio shows that Bitcoin lagged behind the stock index for approximately two-thirds of the three-month period. Therefore, Monday’s rare daily outperformance does not seem to have changed the current period of weak performance on its own.

According to Glassnode, the intense interest in AI stocks on Wall Street has caused capital to move away from other financial areas, including the cryptocurrency market. The bear market phase in Bitcoin’s self-reinforcing four-year cycle has also been effective in suppressing demand.

Bitcoin entered a bear market after surpassing $126,000 in October of last year. According to the assessment cited in the source, this cycle is expected to bottom out in October.