Bitcoin (BTC) is at a breakdown level compared to the Nasdaq 100 composite, with a current BTC/NASDAQ ratio sitting at 4.96. This means you need nearly five Nasdaq units to match the value of one Bitcoin. The previous record for 5.08 was set in January 2025, with Bitcoin exceeding the all-time high of $109,000.
Historically, each market cycle has reached the New Highs (2017, 2021, and now 2025), valuing Bitcoin's continued outperformance against Nasdaq.
Over multiple time frames, Bitcoin is increasingly diverging from US tech stocks. Since the start of the year, Bitcoin has declined by just 6% compared to the Nasdaq's 15% decline. Bitcoin has won 30% since winning the election for Donald Trump in November 2024, while the Nasdaq has dropped by 12%.
When measured against “magnificent seven” megacap technology stocks, Bitcoin has been down 20% below its all-time high since February this year. This indicates that while Bitcoin shows strength, the top technology name is superior to the broader Nasdaq composite.
Strategy (MSTR), the well-known proxy for Bitcoin exposure, is also superior to US technology stocks. Since joining the QQQ ETF on December 23rd, MSTR has fallen by 11%, while the ETF itself has dropped by more than 16%. Compared to a 15% decline in QQQ, MSTR became prominent in 2025. MSTR has increased by 6% since the start of the year.
