Bitcoin Surges Past S&P 500, Demand Shifts to Crypto
Bitcoin has emerged from its weakest stretch in six years, according to an analysis by Glassnode. The share of trading days on which Bitcoin outperformed the S&P 500 climbed back above 50% after falling to its lowest level in six years in June.
An analysis shared by Glassnode points to Bitcoin regaining strength against the U.S. stock market. In June, Bitcoin could outperform the S&P 500 on only one in five trading days; the data platform described that period as the weakest in the past six years.
The share of days on which Bitcoin outperformed exceeded 50% in recent readings, with the threshold crossed on September 24. Glassnode interprets this recovery as a sign that buying demand specifically for Bitcoin is taking the lead rather than broader market movements.