According to PANews, the current Bitcoin to Nasdaq ratio stands at 4.96, nearing historical highs. This ratio previously reached a record of 5.08 in January 2025 when Bitcoin hit an all-time high. Historically, each market cycle sees this ratio reaching new heights, highlighting Bitcoin's superior performance relative to Nasdaq.
Bitcoin and U.S. technology stocks are increasingly diverging in their trends. Since the beginning of the year, Bitcoin has fallen by 6%, while Nasdaq has dropped by 15%. Following U.S. President Donald Trump's election in November 2024, Bitcoin surged by 30%, whereas Nasdaq declined by 12%. Compared to the 'Big Seven' tech stocks, Bitcoin remains about 20% below its February peak, although top tech stocks continue to outperform the Nasdaq Composite Index.
MicroStrategy (MSTR), representing Bitcoin exposure, has also outperformed U.S. tech stocks. Since joining the QQQ ETF, MSTR has decreased by 11%, while the ETF has fallen by over 16%. The divergence is more pronounced in 2025, with MSTR rising by 6% year-to-date, while QQQ has dropped by 15%.