Bitcoin Jumps 2.6% as S&P 500 Drops 0.5%
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- Bitcoin climbed 2.6% to above $64,000 on Monday, its best daily performance in over a month, while the S&P 500 fell 0.52% — a rare instance of BTC moving opposite to and decisively beating U.S. equities.
- Glassnode reported that bitcoin outperformed the S&P 500 on only about one-third of trading days over the past three months, meaning BTC has underperformed on roughly two-thirds of sessions in that window.
- The AI stock frenzy on Wall Street has drained capital from other corners of the financial market, including cryptocurrencies, and is cited as a key reason for bitcoin's recent laggard behavior.
- Bitcoin historically functions as a higher-beta asset relative to stocks, typically amplifying equity moves in both directions — a pattern the source notes has notably broken down.
- Bitcoin is in a bear market phase after peaking above $126,000 in October last year, with the cycle's bottom expected by October this year, per the source.
Why it matters: BTC's 2.6% gain against a 0.52% S&P 500 drop breaks a three-month pattern in which the cryptocurrency underperformed equities on roughly two-thirds of trading days, but the source attributes that broader underperformance to the AI stock rally siphoning capital from crypto — meaning one green day does not yet signal a structural return to bitcoin's historical higher-beta behavior.
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