The V-shaped recovery of the U.S. stock market since April has propelled the S&P 500 to historic highs—however, when measured in Bitcoin, the benchmark is still significantly down this year, highlighting the strong performance of the digital asset.
On Thursday, the S&P 500 closed at a record 6,280.46, increasing its year-to-date gain to 7%. However, when measured in Bitcoin (BTC), the large-cap index has fallen 15% so far in 2025, according to market commentator The Kobeissi Letter.
Citing data from Bitbo, The Kobeissi Letter also pointed out that the S&P 500 has impressively dropped 99.98% in relation to Bitcoin since 2012.
The price of Bitcoin surged to a new all-time high on Friday, briefly exceeding $118,800 on Coinbase, according to Cointelegraph Markets Pro. BTC rose 5.5% in the last 24 hours, 9% in the last week, and is up 24% so far this year.
Although Bitcoin has dramatically outperformed the benchmark stock index since its inception, its performance against major tech stocks like Nvidia (NVDA), Tesla (TSLA), and Netflix (NFLX) has been equally remarkable.
Analyst Charlie Bilello highlighted Bitcoin's meteoric rise over the past decade compared to these and other assets, underscoring BTC's exceptional performance.
From stocks to Bitcoin: ETF investors pile into BTC in 2025
This year's Bitcoin all-time high has been partially fueled by growing institutional demand, with investors pouring money into spot Bitcoin exchange-traded funds (ETFs) along with traditional equity funds.
On Friday, the 12 U.S. spot Bitcoin ETFs held a combined total of 1,264,976 BTC worth $148.6 billion, according to data from Bitbo, representing over 6% of the total Bitcoin supply.
In the first half of 2025, strong demand for Bitcoin helped push digital asset ETFs to the third largest category of funds by inflow, trailing only short-term government debt and gold, according to data from State Street.
On Thursday, U.S. spot Bitcoin ETFs recorded the second largest daily inflow ever recorded, totaling $1.17 billion.
