BTC/Nasdaq ratio reaches 4.96, close to all-time high

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On April 22nd, according to CoinDesk, the current BTC/Nasdaq ratio is 4.96, close to its historical high. Previously, this ratio reached a record high of 5.08 in January 2025, when Bitcoin hit an all-time high. Historically, this ratio reaches new highs in each market cycle, highlighting Bitcoin's outstanding performance relative to Nasdaq.

Bitcoin and US tech stocks are increasingly diverging. Since the beginning of the year, Bitcoin has fallen by 6%, while Nasdaq has fallen by 15%. Since Trump was elected in November 2024, Bitcoin has risen by 30% while Nasdaq has fallen by 12%. Compared to the "Big Seven" tech stocks, Bitcoin is still about 20% lower than its high point in February of this year, but the top tech stocks continue to outperform the Nasdaq composite index. As a representative of Bitcoin exposure, MicroStrategy (MSTR) has also outperformed US tech stocks. Since joining the QQQ ETF, MSTR has fallen by 11%, while the ETF has fallen by over 16%. The divergence in 2025 is even more pronounced: MSTR has risen by 6% since the beginning of the year, while QQQ has fallen by 15%.

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