Bitcoin vs S&P 500 Ratio Breaks 14-Year Streak in Favor of Stocks

The Bitcoin vs S&P 500 ratio has broken a 14-year streak, marking a turning point in their long-term performance. For over a decade, the ratio had consistently shown that Bitcoin outperformed traditional stocks. However, it's now decisively favoring the S&P 500.

The ratio measures how much BTC is needed to buy one unit of the S&P 500 index. It has been steadily declining since 2012, but recently broke above its long-term average of around 0.12 BTC per dollar of the S&P 500. The Nasdaq-to-BTC ratio also showed a first-ever crossover.

The S&P 500 has set a new all-time high at 7,700 this week, while Bitcoin is trading near $64,000, roughly 50% below its October 2025 peak of $126,000. This divergence between stocks and crypto is the widest it's been in years.

Institutional investors have been pulling funds from spot Bitcoin ETFs, with U.S. ETFs recording net outflows of $5.4 billion during the first half of the year. Meanwhile, AI-driven stocks are attracting capital that might otherwise flow into crypto.