Stocks priced in bitcoin surpass 200-week moving averages, signaling a potential end to BTC’s long-term outperformance over equities.
The S&P 500 and Nasdaq, measured in bitcoin, have crossed above their 200-week moving averages for the first time since 2012. This ratio, which tracks how much BTC is needed to buy the indices, has historically acted as a ceiling for stock rallies against bitcoin.
Since 2010, the S&P 500-to-BTC ratio has trended lower, with the 200-week average serving as resistance. In 2012, it took over 300 BTC to buy the S&P 500; today, it requires roughly 0.12 BTC. The Nasdaq/BTC ratio has followed the same pattern, breaking above its 200-week average in recent weeks.
The sustained breakout suggests bitcoin’s era of outsized gains relative to equities may be over, marking a structural shift in the relationship between cryptocurrencies and traditional markets.