According to CoinDesk, the current BTC/NASDAQ ratio has reached 4.96, approaching a historical high. Previously, the ratio set a record of 5.08 in January 2025, when Bitcoin reached a historic high. In history, this ratio has reached new highs in every market cycle, highlighting the outstanding performance of Bitcoin relative to Nasdaq. The trend of Bitcoin and US technology stocks is increasingly diverging. Since the beginning of the year, Bitcoin has fallen by 6% and Nasdaq has fallen by 15%. Since Trump's election in November 2024, Bitcoin has risen 30% and 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 representative of Bitcoin exposure, MicroStrategy (MSTR) also performed better than US technology stocks. Since joining QQQ ETF, MSTR has fallen by 11%, while ETF has fallen by over 16%. In 2025, the differentiation will be more pronounced: MSTR has risen by 6% since the beginning of the year, while QQ has fallen by 15%.
