Bitcoin Erases Three Months of Underperformance Against S&P 500 in 72 Hours

Bitcoin's recent rally has erased in one move the gap that had opened against US stocks over the past three months, according to Glassnode.

The on-chain analytics firm wrote in a post on X on August 21 that Bitcoin wiped out in the past 72 hours all of its relative underperformance versus the S&P 500 over the prior three months.

Glassnode said periods of relative weakness in Bitcoin are common. But once the cryptocurrency begins to outperform the market, the excess returns tend to be substantial.

It added that the latest move shows Bitcoin's familiar pattern of making up for an extended period of relative weakness through a sharp rally over a short span.