Despite record high, S&P 500 is down in Bitcoin terms

The S&P 500 Index has staged a remarkable turnaround since April, but its performance still lags considerably behind BTC.

The US stock market’s V-shaped recovery since April has driven the S&P 500 Index to record highs — yet measured in Bitcoin, the benchmark is still down significantly this year, underscoring the digital asset’s strong outperformance.

On Thursday, the S&P 500 Index closed at a record high of 6,280.46, extending its year-to-date gain to 7%. However, when measured in Bitcoin (BTC), the large-cap index is down 15% so far in 2025, according to market commentator The Kobeissi Letter.

Citing data from Bitbo, The Kobeissi Letter also pointed out that the S&P 500 has dropped a staggering 99.98% against Bitcoin since 2012.

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