Bitcoin-Nasdaq Ratio Plunges to Bear Market Extremes
The Bitcoin-Nasdaq ratio has dropped by a significant 62% in a matter of months, mirroring similar declines seen during previous major crypto bear markets. This recent decline brings the ratio to levels previously seen near the depths of those earlier market lows.
In August, U.S. spot BTC ETFs added $1.92 billion between August 17 and 21, marking their strongest weekly inflow since October 2025. However, despite this boost in demand, Bitcoin's performance against the Nasdaq has continued to falter, with a current contraction that is smaller than previous market lows but already reaching much of the same scale.
The chart measures how BTC performed against a technology-heavy equity benchmark, rather than showing the asset's standalone price drawdown. This ratio tracks a competition between two markets, and earlier this year, that contest moved decisively toward technology shares. Bitcoin fell 13.4% during the second quarter, while the Nasdaq 100 surged 27.7%, leaving crypto trailing despite strength in growth equities.