Bitcoin hit a record high earlier this year, climbing above $126,000. Now, after a two-month nosedive triggered in part by billions of dollars in forced liquidations, the digital asset is (comparatively) in the basement. So much, in fact, that those stodgy old equities are leaving it behind.
The S&P 500 has climbed more than 16% in 2025 while Bitcoin is down 3%, making it the first time since 2014 that stocks have rallied while the token fell. And sentiment has deteriorated quickly: Inflows into Bitcoin exchange-traded funds have slowed, prominent endorsements have quieted and key indicators—like the token’s longest streak of daily highs—are flashing weakness. And there are other warning signs.