The BTC/NASDAQ ratio has reached 4.96, approaching an all-time high

On April 22nd, according to CoinDesk, the current BTC/NASDAQ ratio reached 4.96, which is close to an all-time high. Previously, the ratio hit a record of 5.08 in January 2025, when Bitcoin reached an all-time high. Historically, the ratio has reached a new high every market cycle, highlighting Bitcoin's outperformance against the Nasdaq.
Bitcoin and US tech stocks are increasingly diverging. Year-to-date, Bitcoin is down 6%, and Nasdaq is down 15%. Since November 2024, after Trump's election, Bitcoin is up 30%, and Nasdaq is down 12%. Compared to the "Big Seven" tech stocks, Bitcoin is still about 20% below its February highs, but top tech stocks still outperform the Nasdaq Composite Index. As a proxy for Bitcoin exposure, MicroStrategy (MSTR) has also outperformed US tech stocks. Since joining the QQQ ETF, MSTR has fallen 11%, while the ETF has fallen more than 16%. The divergence is even more pronounced in 2025: MSTR is up 6% year-to-date, and QQQ is down 15%.