PANews reported on April 22 that according to CoinDesk, the current BTC/Nasdaq ratio has reached 4.96, close to its historical high. Previously, this ratio reached a record of 5.08 in January 2025, when Bitcoin hit an all-time high. Historically, each market cycle has seen this ratio reach a new peak, highlighting Bitcoin's superior performance relative to Nasdaq.
Bitcoin's trend is increasingly diverging from US tech stocks. Year-to-date, Bitcoin has fallen 6%, while Nasdaq has dropped 15%. Since Trump's election in November 2024, Bitcoin has risen 30%, while Nasdaq has fallen 12%. Compared to the "Big Seven" tech stocks, Bitcoin is still about 20% lower than its February high, but top tech stocks still outperform the Nasdaq Composite Index. As a Bitcoin exposure representative, MicroStrategy (MSTR) has also performed better than US tech stocks. Since joining the QQQ ETF, MSTR has fallen 11%, while the ETF has dropped over 16%. The divergence is more apparent in 2025: MSTR has risen 6% year-to-date, while QQQ has fallen 15%.
