Bitcoin Down 20% Over 90 Days While Equities Climb, Glassnode Reports

Bitcoin is sharply underperforming equities, and until the cryptocurrency regains strength, the broader market will remain dominated by stocks, according to on-chain analytics firm Glassnode.

Over the past 90 days, Bitcoin has declined 20%, even as the S&P 500 rose 5% over the same period. This four-to-one performance gap underscores a persistent divergence in which equities have maintained the upper hand.

The picture is equally bleak over a longer time horizon. So far this year, the crypto market has been the worst-performing major asset class. Bitcoin has fallen 35% since January, while altcoins have dropped 57%. By comparison, gold has gained 60%, copper has risen 66%, and silver has surged 107%. The Nasdaq and Russell 2000 have posted gains of 38% and 31%, respectively, over the same period, leaving crypto at the bottom of the rankings. The wide gap between commodities and crypto underscores how investors have favored tangible assets and equities over digital ones this year, a reversal from periods when Bitcoin led risk assets.

In a post on Tuesday, Glassnode stated that markets will continue to be led by equities until this performance gap narrows.

"Equity-Led Tape" Persists

Glassnode noted that the same trend held over the most recent week.

"The last 7 days show the same pattern," Glassnode wrote. "Until Bitcoin reclaims strength against the indices, this remains an equity-led tape."

Over the last 90 days the S&P 500 rose 5% while Bitcoin fell 20%. The last 7 days show the same pattern. Until Bitcoin reclaims strength against the indices, this remains an equity-led tape. Notably, the NASDAQ is lagging behind other major indices indicating an unfavorable… pic.twitter.com/TpfDwoYB9y

— glassnode (@glassnode) August 11, 2026

Signs of Decoupling in July

Despite the broader trend, there were notable signs of decoupling in July. Artificial intelligence and semiconductor stocks suffered a steep correction during the month, with chip ETFs plunging more than 20% and the Nasdaq-100 falling nearly 7%. Over the same period, however, Bitcoin and Ethereum gained 9% and 20%, respectively, diverging from the broader stock market.

This marks a significant shift from the previously tight correlation between crypto and equities. A high correlation with stocks has long been a vulnerability for Bitcoin, as it undermines the cryptocurrency's appeal as an independent store of value and portfolio diversifier. In May, Bitcoin's 90-day correlation with the Nasdaq stood at 0.89, according to TradingView data. By July 28, K33 Research reported that the 30-day correlation had fallen to 0.43.

BlackRock Calls Decoupling "Healthy"

Robert Mitchnick, who leads digital assets at BlackRock, said Monday that Bitcoin's decoupling from stocks is "healthy" for investors seeking diversification, and described July's results as a turning point for the crypto market.

Mitchnick also noted that crypto sentiment has begun improving over the past month, with inflows returning to exchange-traded funds.

"We have seen sentiment turn in a noticeable but subtle way the last month or so," Mitchnick said.

As of August 7, BlackRock's iShares Bitcoin Trust (IBIT) held $48.51 billion in net assets, according to SoSoValue data, and attracted $693.64 million in August inflows. IBIT, the largest US spot Bitcoin ETF since the SEC approved the product category in January 2024, remains the dominant vehicle for institutional Bitcoin exposure. US spot Bitcoin ETFs collectively brought in $853.5 million during the week ending August 7, their strongest weekly inflow since mid-April. IBIT accounted for approximately $693 million of that total.