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Bitcoin’s Slide Against Nasdaq Hits Extremes

COMMENTARY

June 30, 2026 at 19:12 UTC

1 min read

Bitcoin (BTCUSD) is currently lagging the Nasdaq 100 (NDX) across four consecutive quarters, with the latest quarter showing an unusually wide performance gap of roughly 42 percentage points. This divergence appears against a backdrop where both assets often traded with broadly similar risk sentiment in recent years, highlighting how sharply their paths have separated in the current phase.

Historically, quarters such as Q1 2018 and Q2 2021 featured even larger Bitcoin (BTCUSD) drawdowns while the Nasdaq 100 (NDX) and large-cap U.S. tech stocks were comparatively resilient. These past episodes show that deep, quarter-scale relative setbacks for Bitcoin (BTCUSD) versus tech indices have occurred before, sometimes lining up with broader shifts in the crypto-equity relationship, but with mixed follow-through and several counter-examples.

Because the current pattern is conditional rather than consistently predictive, its implications for future performance remain uncertain. Still, the scale and duration of underperformance are material for assets closely linked to Bitcoin’s cycle, including MicroStrategy (MSTR), Coinbase (COIN), Marathon Digital (MARA), and Riot Platforms (RIOT), whose business models and equity performance are highly sensitive to Bitcoin’s trend and volatility.

References

https://www.indexbox.io/blog/bitcoin-shows-negative-performance-skew-against-nasdaq-100/