glassnode: Bitcoin Down 20% Over the Past 90 Days, Underperforming the S&P 500; Market Still Equity-Led

Odaily reported that blockchain data analytics platform glassnode stated on the X platform that over the past 90 days, the S&P 500 rose 5% while Bitcoin (BTC) fell 20%, showing a clear divergence in their trends. This same pattern has been observed over the past 7 days, with equity assets outperforming crypto assets. Until Bitcoin regains its strength relative to major stock indices, the current market environment remains an "equity-led tape," with capital favoring traditional risk assets over crypto assets.

Additionally, glassnode noted that the Nasdaq index has recently lagged behind other major stock indices, indicating that the current environment is unfavorable for portfolios with a high concentration of tech stocks. Market risk appetite is shifting, and investors should pay attention to the relative strength between stocks and crypto assets.