Bitcoin has shed roughly 20% of its value over the past three months, landing near $64,000, while the S&P 500 climbed about 5% over the same stretch to hit record highs. The divergence is striking, even by crypto standards, and it’s happening during a period when risk appetite in traditional markets is alive and well.
The numbers tell a painful story
From mid-May through August 10, Bitcoin dropped approximately 20.7%, sliding from elevated levels to close around $64,845. As of August 11, the price hovered in the $63,900 to $64,000 range.
Meanwhile, the S&P 500 gained between 4.6% and 4.8% over those same three months. The index touched an intraday all-time high of 7,793 and closed near 7,753 on August 11.
Zoom out further and the picture gets worse for Bitcoin. Over the past year, the asset has declined approximately 46% from its peak near $119,000. The S&P 500, by contrast, has posted gains exceeding 20% across various measurement windows during the same period.
