Bitcoin Fails to Ride S&P 500 Rally Amid AI-Driven Equity Surge

The S&P 500 has seen a significant gain in August, rising by 3.12% and adding around $2.1 trillion to its market cap, which now totals over $70.5 trillion.

However, Bitcoin has not followed suit, increasing by only 2% over the same period and remaining stuck in a tight range near $64,600.

According to Adam Haeems of Tesseract Group, this divergence can be attributed to the fact that the equity rally is being driven by sectors such as AI and semiconductor stocks, which Bitcoin has little direct exposure to.