Bitcoin Gains Amid Diverging Performance with Equities

Bitcoin (BTC) and the broader cryptocurrency market traded modestly higher on Thursday, 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, while the CoinMarketCap 20 Index rose 0.33%. However, this move is not a reflection of Bitcoin's long-term performance, which has trailed US equities since the start of 2025.

According to Thahbis Rahman, Research Analyst at Block Scholes, Bitcoin has underperformed compared to traditional risk assets, with the S&P 500 returning over +25% and Bitcoin down close to -35%. The divergence between the two markets is particularly stark, with Bitcoin's price remaining well below its all-time highs.

Despite this divergence, derivatives data suggests improving sentiment beneath the surface. The long-short taker volume ratio turned bullish for the first time in at least a week, with long positions accounting for nearly 61% of market orders. Additionally, open interest in Bitcoin futures increased to around 759,000 BTC.

However, analysts noted that similar increases in open interest since early June have proved short-lived, with the figure repeatedly falling back toward 740,000 BTC. In the options market, traders increasingly accumulated bullish call options at significantly higher strike prices, indicating growing interest in upside scenarios.