Bitcoin Holds Steady Amid Crypto Equity Slump

Bitcoin's price has stabilized at around $64,000, but crypto-linked stocks are facing pressure amid rising oil prices and Treasury yields.

Rising tensions in the Middle East have contributed to a decline in oil prices, which is negatively impacting high-beta crypto equities.

The S&P 500 has underperformed Bitcoin over the past three months, with the cryptocurrency outperforming the index on only about one-third of trading days.

Glassnode noted that when Bitcoin does outperform equities, the excess returns tend to be significantly larger, but those excess returns have been declining over the years.