Bitcoin (BTC) is on the cusp of breaking out relative to the Nasdaq 100 Composite, with the present BTC/Nasdaq ratio sitting at 4.96. This implies it now takes practically 5 Nasdaq items to match the worth of 1 bitcoin. The earlier file of 5.08 was set in January 2025, when bitcoin hit its all-time excessive of over $109,000.
Historically, every market cycle has seen the ratio attain new highs—2017, 2021, and now 2025—highlighting bitcoin’s continued outperformance in opposition to the Nasdaq.
Throughout a number of timeframes, bitcoin is more and more diverging from U.S. tech shares. Yr-to-date, bitcoin is down simply 6%, in comparison with the Nasdaq’s 15% decline. Since Donald Trump’s election victory in November 2024, bitcoin has rallied 30%, whereas the Nasdaq has fallen 12%.
When measured in opposition to the “Magnificent Seven” mega-cap tech shares, bitcoin stays round 20% under its all-time excessive from February this yr. This means that whereas bitcoin has proven energy, the highest tech names are holding up higher than the broader Nasdaq Composite.
Technique (MSTR), a well known proxy for bitcoin publicity, can be holding up higher than the U.S tech shares. Since becoming a member of the QQQ ETF on Dec. 23, MSTR is down 11%, whereas the ETF itself has dropped over 16%. The divergence has grow to be extra pronounced in 2025: MSTR is up 6% year-to-date, in comparison with QQQ’s 15% decline.
