Bitcoin Gains Ground Despite Diverging from US Equities
Bitcoin (BTC) and other cryptocurrencies continued their modest gains despite US equities reaching new heights. The world's largest cryptocurrency rose 0.22% over the past 24 hours to trade near $64,684.
The CoinMarketCap 20 Index also increased by 0.33%, but Bitcoin's longer-term performance remains lagging behind US equities. Since the start of 2025, the S&P 500 has returned more than +25% while BTC is down close to -35%.
Thahbis Rahman, Research Analyst at Block Scholes, noted that this divergence does not necessarily signal a breakdown in Bitcoin's relationship with traditional risk assets. The rolling 90-day correlation between Bitcoin and the S&P 500 remains historically elevated at around 45%, indicating a strong link between the two.
However, derivatives data showed improving sentiment beneath the surface. 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. Bitcoin futures open interest also increased to around 759,000 BTC, but similar increases since early June have proved short-lived.