As of August 17, Bitcoin outperformed the stock market in terms of daily dynamics. According to analysts from the Glassnode platform, over the past three months, the first cryptocurrency has outpaced the S&P 500 index on only one out of three trading days. Experts have described the current situation as the longest period of Bitcoin lagging behind the US stock index in the entire six‑year history of observations. Analysts have emphasized that the key question now is whether this is the beginning of a new trend or just an isolated episode. At the time of preparing the material, digital gold was trading around $64,300, gaining just over one percent over 24 hours, while the S&P 500 index fell by five‑tenths of a percent over the same period.

João Wedson, the founder of the analytical company Alphractal, noted that Bitcoin remains in the neutral zone according to the Leverage Pressure Zone metric. This indicator analyzes data from thirty cryptocurrency exchanges and compares the positioning of market participants in the derivatives market with their on‑chain behavior. According to Vedson, the neutral indicator suggests a more stable market structure, especially before periods of increased leverage, which are often followed by high volatility and forced liquidation of positions. At the same time, a contributor to the CryptoQuant platform under the pseudonym Gaah drew attention to the fact that Bitcoin funding rates have returned to the highs of this year and have reached their peak in the past twenty months.

The analyst emphasized that the sentiment in the derivatives market remains positive within the current price range of the first cryptocurrency. This indicates that most traders continue to open long positions. Let us recall that on August 17, analysts at XWIN Japan also drew attention to the increase in the supply of Bitcoin on exchanges and weak spot demand.

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The material was prepared solely for informational and educational purposes and does not constitute financial advice or a recommendation.