Bitcoin (CRYPTO: BTC) has outperformed the semiconductor sector by roughly 25% this month, marking one of its strongest relative performances against chip stocks in years.
Notable Outperformance Against SOXX In a CNBC interview on Thursday, Matthew Sigel, VanEck’s head of digital assets research, said Bitcoin remains well below its previous highs, but improving relative strength, fiscal concerns in Europe and reduced enthusiasm around parts of the AI trade are creating a more constructive setup.
Sigel added that Bitcoin entered the year with a bearish outlook because it appeared to be following its long-standing four-year market cycle.
He added that with a 50% fall, it has become difficult not to turn more bullish at current levels.
Bitcoin’s recent performance against the iShares Semiconductor ETF (NASDAQ:SOXX) is particularly notable, Sigel said.
