Bitcoin Fails to Match Equity Rally, Futures Turn Bullish Despite Divergence

Bitcoin (BTC) traded modestly higher on Thursday, matching the broader cryptocurrency market's gains despite US equities hovering near record highs. The world's largest cryptocurrency gained about 0.22% over the past 24 hours to trade near $64,684.

The move came as the S&P 500 traded little changed after recent record highs, with markets also tracking developments surrounding a potential agreement to reopen the Strait of Hormuz.

Thahbis Rahman, Research Analyst at Block Scholes, pointed out that despite Bitcoin's daily gains, its longer-term performance has continued to trail US equities. Since the start of 2025, the S&P 500 has returned more than +25%, while BTC is down close to -35%.

Derivatives data showed improving sentiment beneath the surface, with several indicators pointing toward a more constructive outlook for Bitcoin. The long-short taker volume ratio turned bullish for the first time in at least a week, and open interest increased to around 759,000 BTC.