Bitcoin Holds Steady as Crypto-Linked Stocks Slide Amid Rising Oil Prices

The price of Bitcoin has held steady at around $64,000 over the past few days, but crypto-linked stocks have taken a hit. The S&P 500 ETF is down 0.5%, and the Invesco QQQ Trust has dropped 1.23%.

According to Glassnode, Bitcoin has outperformed the S&P 500 on only about one-third of trading days over the past three months. However, when it does outperform equities, the excess returns tend to be significantly larger.

Rising oil prices and Treasury yields are putting pressure on high-beta crypto equities, causing some stocks to fall by as much as 3% in pre-market trade. The Strategy stock has underperformed Bitcoin, falling nearly twice as much as the cryptocurrency over the past year.

Bitcoin's price rose 1.2% in the last 24 hours to around $64,000, a rebound after dipping below $63,000 over the weekend. However, its performance is causing some concern as it marks one of the longest periods of underperformance relative to the S&P 500 in its six-year history.