Bitcoin Just Flipped a Months-Long S&P 500 Trend: Here’s What Changed

After months of struggling and mostly failing to keep the pace with US equities, bitcoin has finally flipped the narrative.

The primary cryptocurrency experienced its most notable price recovery of the year, skyrocketing by 25% from under $65,000 to almost $80,000 within two days before its run was paused, at least for now.

Although this surge is impressive on its own, Glassnode highlighted another notable development that makes it even more interesting: BTC has suddenly started to substantially outperform US stocks after months of doing the opposite.

Finally on the Correct Side

The analytics company said that the cryptocurrency had underperformed the S&P 500 on approximately two out of every three trading days in the past three months. This was more than evident, as BTC failed to initiate any substantial rallies since it was rejected at $83,000 in May. In the meantime, the popular index charted consecutive all-time highs.

Glassnode described this as bitcoin’s longest streak of relative underperformance against the benchmark US index in six years. However, the trend started showing cracks even before BTC exploded on Wednesday afternoon.