Bitcoin delivered a rare day of outperformance against Wall Street on Monday, breaking from its recent pattern of trailing U.S. equities.
BTC climbed 2.6% to above $64,000, recording its strongest daily gain in more than a month, according to CoinDesk data. At the same time, the S&P 500 slipped 0.52%.
The divergence was notable because Bitcoin moved higher while the stock index fell. Historically, Bitcoin has tended to act as a higher-beta risk asset, meaning it often posts larger gains during market rallies and steeper losses during downturns.
Glassnode said such outperformance has become less common in recent months. Data from the blockchain analytics firm showed that Bitcoin outpaced the S&P 500 on only about one-third of trading days over the past three months.
That means BTC has lagged the benchmark on roughly two-thirds of sessions, marking a shift away from its traditional high-beta behavior.
AI Stocks Draw Capital From Crypto
One reason for Bitcoin’s weaker relative performance has been the strong rally in AI-related stocks.
The surge in demand for AI companies on Wall Street has attracted significant investor capital, potentially limiting the funds flowing into other risk assets such as cryptocurrencies.
Bitcoin’s broader four-year market cycle has also contributed to the subdued demand. BTC reached a record above $126,000 last October before entering a prolonged downturn.
The ongoing bearish phase has continued to weigh on buying interest, with some market observers expecting the current cycle to reach a potential bottom around October.
