Bitcoin’s Weakest Stretch in Six Years Is Over: Where Is Demand Coming From as Stocks Stall?

The share of trading days on which Bitcoin outperformed the S&P 500 climbed back above 50% after falling to its lowest level in six years in June.

An analysis shared by Glassnode on October 1 points to Bitcoin regaining strength against the U.S. stock market. In June, Bitcoin could outperform the S&P 500 on only one in five trading days; the data platform described that period as the weakest in the past six years.

In the latest reading, the share of days on which Bitcoin outperformed exceeded 50%. In other words, Bitcoin’s return was higher than the S&P 500’s in more than half of the sessions compared.

Bitcoin-Specific Demand Stands Out as Stocks Move Sideways

The chart shows that the share crossed the 50% threshold on September 24. Glassnode interprets this recovery, which came as the stock market moved sideways, as a sign that buying demand specifically for Bitcoin is taking the lead rather than broader market movements.