Bitcoin (BTC) is on the CUSP of breaking out compared to the NASDAQ 100 composite, with the current BTC/NASDAQ ratio that sits at 4.96. This means that it now takes almost five NASDAQ devices to match the value of a bitcoin. The previous record of 5.08 was set in January 2025, when Bitcoin hit its highest height of over $ 109,000.

Historically, each market cycle has seen the relationship reach new heights – 2017, 2021 and now 2025 – which bright Bitcoin’s continued better than Nasdaq.

Across several time frames, Bitcoin is increasingly diverging from US tech shares. Year to date, Bitcoin is down only 6% compared to NASDAQ’s fall of 15%. Since Donald Trump’s election victory in November 2024, Bitcoin has gathered 30%, while Nasdaq has fallen 12%.

When measured against the “magnificent seven” mega-cap tech shares, Bitcoin remains about 20% at its highest height from February this year. This indicates that although Bitcoin has shown strength, the top technical names keep up better than the wider Nasdaq composite.

Strategy (Mstr), a well-known proxy for Bitcoin exposure, also holds up better than the US tech shares. Since coming to QQQ ETF on December 23, Mstr has been down by 11%, while ETF himself has fallen over 16%. Divergensen has become more pronounced in 2025: Mstr has increased by 6% years to date compared to QQQ’s fall of 15%.