According to Glassnode, Bitcoin is significantly lagging behind stocks, and until it begins to recover its position, the current market will continue to be dominated by equities.
Over the past 90 days, Bitcoin has fallen by 20%, which is four times greater than the S&P 500 index's 5% gain over the same period.
Looking at a longer timeframe, the cryptocurrency market has shown the worst performance among major asset classes this year.
Since January, Bitcoin has fallen by 35%, and altcoins by 57%.
In contrast, gold has increased by 60%, copper by 66%, and silver by 107%. The Nasdaq and Russell 2000 indices have risen by 38% and 31% respectively, making cryptocurrencies the weakest asset on this list for the stated period.
In its message on Tuesday, Glassnode stated the market will continue to be led by stocks until this gap narrows.
According to Glassnode, Markets Are Still "Influenced by the Stock Market," Except for Bitcoin Movements
According to Glassnode, this trend continued throughout the past week as well.
"The last 7 days show the same pattern," Glassnode wrote. "Until Bitcoin recovers its position relative to the indices, the market will still be oriented towards stocks."
Over the past 90 days, the S&P 500 index rose by 5%, while Bitcoin fell by 20%. The last 7 days demonstrate the same trend.
— glassnode (@glassnode) August 11, 2026
Until Bitcoin recovers its position relative to the indices, the situation remains predominantly stock-oriented.
It is noteworthy that NASDAQ is lagging behind other major indices, indicating an unfavorable situation... pic.twitter.com/TpfDwoYB9y
Glassnode's statement highlights Bitcoin's market dynamics in July.
In July, stocks of companies in artificial intelligence and semiconductors experienced a sharp market correction, with ETFs investing in the chip industry falling by more than 20%. The Nasdaq-100 index also fell by nearly 7%.
However, in the same month, Bitcoin and Ethereum rose by 9% and 20% respectively, distinguishing them from the rest of the stock market.
This is a significant change compared to their previous close correlation. In May, according to TradingView data, the 90-day correlation between Bitcoin and Nasdaq was 0.89. By July 28, K33 Research found the 30-day correlation had dropped to 0.43.
BlackRock States That Such a Separation Is a "Useful" Phenomenon
Robert Mitchnick, Head of Digital Assets at BlackRock, stated on Monday that Bitcoin's separation from stocks is "useful" for investors who see Bitcoin as a means of diversification, calling July's performance a turning point for the cryptocurrency market.
Mitchnick also noted that sentiment in the cryptocurrency market began to improve over the past month, and inflows into ETFs have resumed.
According to SoSoValue, as of August 7, the net assets of BlackRock's iShares Bitcoin Trust (IBIT) were $48.51 billion, and in August the company attracted $693.64 million.
"Over the last month or so, we've seen a noticeable, albeit subtle, shift in sentiment," Mitchnick said.
U.S. spot Bitcoin ETFs brought in $853.5 million for the week ending August 7, the best result since mid-April. IBIT accounted for about $693 million of that amount.
