Bitcoin-Nasdaq Ratio Drops 62% as 2018, 2022 Bottom Signals Return

TLDR:

• Bitcoin-Nasdaq ratio fell 62.2%, nearing the 68.5% drop recorded during the previous 2021-2022 crypto cycle.
• The 62.2% ratio decline is roughly 90% as deep as the prior cycle’s 68.5% Bitcoin-Nasdaq relative drawdown.
• Bitcoin rebounded from about $58,500 in late June to above $80,000 in August as ETF demand strengthened.
• U.S. spot Bitcoin ETFs drew $1.92B from Aug. 17-21, their strongest weekly inflow since October 2025.

Bitcoin’s performance against the Nasdaq has returned to territory previously seen near the depths of previous major crypto bear markets. A Rand Group chart, sourced to The DeFi Report, shows the BTC/Nasdaq ratio down 62.2% from its latest peak.

That decline compares with 75.7% in 2018 and 68.5% during the 2021-2022 cycle. The current contraction is smaller, yet it has already reached much of the scale recorded around those earlier market lows.

Bitcoin-Nasdaq Ratio Nears Past Bear-Market Extremes

The DeFi Report discussed the measure on August 5 and said its 2026 low may have formed around June 30. Michael Nadeau noted that the 62.2% decline was roughly 90% as deep as the previous cycle’s 68.5% drop.

However, the 62.2% figure was already circulating in early August. It therefore represents a snapshot of relative weakness before the sharp recovery later that month. The chart also requires an important distinction.