Bitcoin Outperforms Nasdaq 100, Ratio Hits 4.96
1min read Bitcoin is on the verge of a historic breakout against the Nasdaq 100 Composite, with the current BTC/Nasdaq ratio at 4.96. This ratio indicates that it now takes nearly five units of the Nasdaq to match the value of one bitcoin. The previous record of 5.08 was set in January 2025, when bitcoin reached its all-time high of over $109,000. Historically, each market cycle has seen the ratio reach new highs—2017, 2021, and now 2025—highlighting bitcoin’s continued outperformance against the Nasdaq.
Across multiple timeframes, bitcoin is increasingly diverging from U.S. tech stocks. Year-to-date, bitcoin is down just 6%, compared to the Nasdaq’s 15% decline. Since Donald Trump’s election victory in November 2024, bitcoin has rallied 30%, while the Nasdaq has fallen 12%. This divergence suggests a potential shift in market leadership as correlations weaken.
When measured against the "Magnificent Seven" mega-cap tech stocks, bitcoin remains around 20% below its all-time high from February this year. This indicates that while bitcoin has shown strength, the top tech names are holding up better than the broader Nasdaq Composite. Strategy (MSTR), a well-known proxy for bitcoin exposure, is also holding up better than the U.S tech stocks. Since joining the QQQ ETF on Dec. 23, mstr is down 11%, while the ETF itself has dropped over 16%. The divergence has become more pronounced in 2025: MSTR is up 6% year-to-date, compared to QQQ’s 15% decline.
This performance reinforces bitcoin’s relative strength and suggests that investors may be increasingly viewing it as a safe haven asset, similar to gold. The continued outperformance of bitcoin against traditional tech benchmarks signals a potential shift in market leadership as correlations weaken. As the market dynamics evolve, bitcoin’s role within the broader financial system is becoming more pronounced, with investors seeking alternatives to traditional tech stocks.
