Bitcoin Trails the S&P 500 by 26 Percentage Points in 2026

Bitcoin has fallen about 16% in 2026 while the S&P 500 has gained about 10%, a 26-percentage-point gap that highlights the cryptocurrency’s weaker recent connection with U.S. risk assets.

Bitcoin did not join a sharp rebound in U.S. technology stocks and later fell more when equities pulled back. It has instead traded in a subdued, low-volatility range. The cryptocurrency also lagged U.S. stocks over the past month and six months.

Competition for risk capital from AI-related investments and some small-cap stocks may be weighing on Bitcoin demand. Higher yields and lingering effects from large crypto market liquidations may also be contributing as investors remain cautious.