CoinDesk says BTC may no longer deliver outsized returns over stocks

CoinDesk analysis suggests Bitcoin’s era of delivering outsized returns over stocks may be fading, after the ratio tracking BTC’s relative value against the S&P 500 and Nasdaq rose above its 200-week moving average for the first time on record. According to CoinDesk, the ratio had long remained below the 200-week moving average while BTC outperformed equities on a relative basis, but the trend has recently reversed. CoinDesk said this may indicate the period in which BTC delivered overwhelming excess returns versus stocks is coming to an end, as liquidity matures through rising market capitalization and institutional adoption via spot ETFs, options, and futures, potentially making the kind of sharp rallies seen in the past harder to sustain.