Bitcoin Ticks Higher Despite Diverging from US Equities

Bitcoin (BTC) traded higher on Thursday, gaining about 0.22% over the past 24 hours to reach near $64,684. This modest gain matches the broader cryptocurrency market's performance even as US equities hover near record highs.

The move comes amidst macroeconomic developments ahead of the Federal Reserve's September meeting. Despite Bitcoin's daily gains, its longer-term performance continues to trail US equities.

Thahbis Rahman, Research Analyst at Block Scholes, notes that while US equities are trading near record territory, Bitcoin has not enjoyed the same success. The divergence between their performances is stark: since the start of 2025, the S&P 500 has returned more than +25% while BTC is down close to -35%, with the gap widening through the most recent leg of the equity rally.

However, derivatives data indicate improving sentiment beneath the surface. The 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, while traders increasingly accumulated bullish call options at significantly higher strike prices.