S&P 500 Surges Past $70 Trillion, But Bitcoin Lags Behind

The S&P 500 has experienced significant gains this month, adding $2.1 trillion to its market cap and pushing its total value to a record $70.5 trillion.

The index is up 3.12% for the month, with its price at 7,723 points. The Nasdaq and Dow are also performing well, with Wall Street in full risk-on mode.

However, Bitcoin has not followed suit, trading around $64,600 and only up 2% for the month. According to Adam Haeems, head of asset management at Tesseract Group, this underperformance is due to the fact that the equity rally is driven primarily by stock-specific narrative, particularly tied to AI.

Haeems stated, 'Partly because the equity rally is being driven by areas to which bitcoin has little direct exposure, particularly AI and semiconductor stocks.'