Bitcoin Outpaces S&P 500 but Keeps Stalling Below $85,000
Bitcoin has outpaced the S&P 500 on most recent trading days, but repeated failures above $85,000 point to softer ETF demand and long-term holder selling.
Bitcoin has been outperforming the S&P 500 on more trading days than not in recent weeks, according to BeInCrypto, yet that relative strength has not translated into a decisive move higher for the asset's price.
The cryptocurrency has repeatedly failed to hold above $85,000 and has more recently had difficulty staying clear of $80,000, the outlet reported.
On-chain factors cited
BeInCrypto attributes the gap between relative performance and price levels to a set of on-chain signals, which it groups into 12 factors.
- Fading demand from spot exchange-traded funds
- Heavy supply coming from long-term holders
- Other on-chain metrics cited by the outlet as weighing on price
The report does not single out one driver, framing the stall as the product of several overlapping pressures rather than a single catalyst. The factors listed reflect the outlet's own analysis and should be read as such.
Bitcoin's recent trading has been defined by choppy ranges, with relative outperformance against equities drawing attention even as the price itself struggles to build on gains. Markets will watch whether ETF flows and holder behaviour shift before the next attempt at higher levels.