BTC/Nasdaq Ratio Reaches 4.96, Near Historical Highs

April 22, according to CoinDesk, the current BTC/Nasdaq ratio has reached 4.96, approaching historical highs. Previously, this ratio set a record of 5.08 in January 2025 when Bitcoin reached an all-time high. Historically, each market cycle sees this ratio hitting new highs, highlighting Bitcoin's superior performance relative to Nasdaq.

Bitcoin's trajectory is increasingly diverging from that of U.S. tech stocks. Year-to-date, Bitcoin has fallen by 6%, while Nasdaq has dropped 15%. Since November 2024, when Trump was elected, Bitcoin has risen by 30%, whereas Nasdaq has fallen by 12%.

Compared to the "Big Seven" tech stocks, Bitcoin is still about 20% below its February peak this year, yet top tech stocks are outperforming the Nasdaq Composite Index. As a representative of Bitcoin exposure, MicroStrategy (MSTR) has also outperformed U.S. tech stocks. Since joining the QQQ ETF, MSTR has fallen 11%, whereas the ETF has dropped over 16%. The divergence in 2025 is even more apparent: MSTR has risen 6% year-to-date, while QQQ has fallen 15%.