Bitcoin Beats the S&P 500 Today — but the Bigger Trend Is Still Weak

Bitcoin outperformed the S&P 500 today, but the broader relative-performance trend remains unusually weak.
According to Glassnode, $BTC has beaten the S&P 500 on only about one-third of trading days over the past three months.
That marks Bitcoin’s longest sustained period of relative underperformance versus U.S. equities in roughly six years.
The divergence is notable because risk appetite has remained strong across stocks, AI-related assets and parts of the commodity market.
Bitcoin, however, has struggled to participate consistently in that rotation.
Today’s relative strength is encouraging for crypto bulls.
The bigger question is whether it marks the beginning of a catch-up move — or just another temporary bounce inside a much longer period of underperformance.