With global markets retreating this week, forced liquidations and margin calls have wiped out many long-term leveraged buy positions, prompting top traders to rearrange their positions accordingly. The new tariffs announced by the Trump administration and the weak U.S. jobs report have raised concerns in global markets; the S&P 500 index lost 1.6% in a single day, and Bitcoin followed, as expected, the downward trend in risk sentiment. In times of uncertainty, it is useful to look at the matter from a broader perspective: Bitcoin has outperformed all major assets over the past two years, with no other asset coming close.
Bitcoin vs. major assets: performance record over two years
From July 2023 to July 2025, the price of Bitcoin grew by a staggering 301.7%, achieving a price increase of more than four times, reinforcing its status as the best-performing major asset class. As environmental benchmarks indicate:
The price of Bitcoin has declined again, but the long-term situation remains unchanged... this is not a fleeting phenomenon. Over the past two years, Bitcoin has consistently maintained its leading position.
Bitcoin has significantly outperformed traditional stock investments. The S&P 500 index, the leading U.S. stock index, returned a modest 38% over the past two years. Despite the strength of the stock market and the major companies' shares reaching multiple record highs, the index has not kept pace with Bitcoin's tremendous growth.
Bitcoin outperforms all major assets
Gold, which has seen a strong rise due to rising inflation and geopolitical uncertainty, increased by 69.8% over the past two years, failing to match Bitcoin's growth, confirming all of Bitcoin's accurate predictions: there is no better option. As Adam Pak commented:
There is no second company. The second company is the treasury.
Even looking at the second digital currency in the cryptocurrency industry, Ethereum, highlights Pak's point further: Ethereum has grown by about 56% over the past 24 months.
Crude oil comes in last among major assets, having grown only slightly over the past two years, with its returns fluctuating and stabilizing by the summer of 2025.
Why is Bitcoin still the leader?
The recent sell-off is attributed to macroeconomic uncertainty, tariffs, and employment fears more than any change in Bitcoin's fundamental value. Bitcoin's volatility has tracked broader market sentiment during risk-off periods. Yet for two consecutive years, Bitcoin has successfully overcome corrections and bolstered its growth.
The expected supply schedule, decentralized nature, and increasing adoption by individual and institutional investors have helped sustain price momentum.
Meanwhile, Ethereum remains competitive, but it has not surpassed Bitcoin yet, and gold, as a reliable hedge against inflation, continues to suffer from much lower returns. Crude oil still struggles under the weight of volatile energy trends and macroeconomic pressures, reducing the performance or excitement typically observed in digital and financial assets.
While the decline in Bitcoin's price in the short term may seem dramatic, price drops are an integral part of its identity, and the data never lies: since mid-2023, Bitcoin has outperformed gold, U.S. stocks, Ethereum, and crude oil. If you're in doubt, look further, as economists suggest:
"Perhaps it's not worth panicking over a move that appears to be driven more by emotions than fundamentals."
