Over the past year, Bitcoin significantly lagged behind the Nasdaq 100, trailing the tech-heavy index by 68 percentage points. While the Nasdaq climbed 24% over the last twelve months, Bitcoin suffered a 44% decline, marking a period of intense underperformance for digital assets compared to traditional growth stocks. However, the narrative has shifted dramatically in the last two months, with crypto assets staging an aggressive 'catch-up' trade.
According to Glassnode’s cross-asset return table, this massive performance gap has been completely erased. Bitcoin and select high-cap altcoins have surged recently, turning that 68-point deficit into a five-point lead over the Nasdaq. This momentum suggests that the correlation between crypto and tech stocks may be evolving, as investors pivot toward the high-beta potential of digital assets amid shifting macroeconomic signals.
For US-based investors, this decoupling is a critical development. As the AI-driven tech rally shows signs of cooling, capital appears to be rotating into the crypto market, bolstered by the maturation of institutional products like spot ETFs. Traders should closely watch for sustained volume in BTC and major altcoins to confirm if this lead is a temporary bounce or the start of a broader bull cycle that separates crypto from the constraints of traditional equity markets.