Bitcoin, Ether and Solana Outpace Nasdaq After 60-Day Rally

Glassnode’s cross-asset return table shows Bitcoin fell about 44% over the past 12 months while the Nasdaq 100 rose roughly 24%, leaving crypto the only asset group in the sample still negative on a one-year basis. Over the most recent 60-day window, Bitcoin climbed about 2% as the Nasdaq dropped about 3%, reversing a 68-percentage-point deficit into a five-point lead.

Ethereum and Solana recorded deeper one-year losses — roughly 56% and 58% respectively — but both posted larger short-term gains. Over the past 60 days Ether rose roughly 12% and Solana about 10%, placing them approximately 15 and 13 percentage points above the Nasdaq on that horizon. Shorter horizons show a similar pattern: Bitcoin, Ether and Solana logged gains over 14- and seven-day stretches while major U.S. equity indexes slipped.

Research from market analysts points to a redistribution of speculative capital over the last year. Traders allocated capital across AI-related stocks, semiconductor winners, large IPOs and derivative products, reducing demand for crypto. Semiconductor shares advanced about 170% over the period cited, while Bitcoin declined roughly 40% over the comparable stretch.

Glassnode’s chief technology officer Rafael Schultze-Kraft wrote on social media: “crypto is slowly starting to hold its own against stocks and looking better over the past two months.” Robert Mitchnick, head of digital assets at BlackRock, noted Bitcoin’s relative strength during July’s pullback in AI stocks and described the widening decoupling from equities as a constructive sign for Bitcoin’s role as a diversifier.

On-chain analysts report that spot liquidity remains thin and institutional conviction appears limited. Exchange-traded funds recorded some outflows in mid-August even as flows began to stabilize. Data tracked by a market research firm showed roughly $385 million in net outflows from U.S. spot Bitcoin ETFs between Aug. 10 and Aug. 14, followed by about $487 million of inflows on Aug. 17 and Aug. 18; overall net inflows for August were about $967 million through Aug. 18, with uneven daily activity.

Glassnode outlined conditions that would mark a sustained shift: several weeks of steady ETF inflows, rising spot trading volumes and continued participation from major altcoins. The firm presented an alternate path in which equity leaders regain momentum, ETF flows weaken, and Bitcoin returns to a range near the low-to-mid $60,000s. Analysts also note that a severe equity selloff could cause correlated selling across risk assets, including crypto.

Bitcoin and large-cap altcoins spent much of the past year trailing high-growth equity themes as investors pursued other speculative opportunities. The past 60 days show a partial reversal in relative performance. Market participants are monitoring ETF flows and spot volumes for confirmation of any broader reallocation of speculative capital.