Bitcoin Breaks Six-Year Stock Market Lag Streak with One-Day Outperformance

Bitcoin (BTC) outperformed the stock market on August 17, according to data from Glassnode. This is a rare occurrence, as Bitcoin has only surpassed the S&P 500 on one out of every three trading days over the past three months.

Experts noted that this was Bitcoin's longest lag behind the S&P 500 in six years of observations. However, they tempered expectations by stating that it may just be a single anomaly rather than the start of a trend.

At the time of writing, Bitcoin was trading around $64,300, with a gain of over 1% in 24 hours. In contrast, the S&P 500 index fell by 0.5% during the same period.

Joao Wedson, founder of Alphractal, observed that Bitcoin's leverage remains in a neutral zone according to the Leverage Pressure Zone metric. This indicator analyzes data from 30 exchanges and compares derivatives market positioning with on-chain behavior.