Bitcoin is showing signs of regaining momentum against U.S. technology stocks after spending much of the past year significantly underperforming the Nasdaq 100.
According to Glassnode’s cross-asset performance data, Bitcoin declined around 44% over the past 12 months, while the Nasdaq 100 gained approximately 24%. That left Bitcoin 68 percentage points behind the technology-heavy index.
The picture has changed considerably over the past two months.
Over the latest 60-day period, Bitcoin gained about 2%, while the Nasdaq 100 declined roughly 3%. The shift represents a significant improvement in Bitcoin’s relative performance compared with a year ago.
Ethereum and Solana Show Stronger Momentum
The recovery has been even more pronounced among major altcoins.
Ethereum declined approximately 56% over the past year, while Solana fell about 58%. However, both have outperformed Bitcoin during the latest 60-day period.
Ethereum gained around 12%, while Solana advanced approximately 10%. Over the same period, the Nasdaq 100 declined about 3%, putting Ethereum and Solana 15 and 13 percentage points ahead of the index, respectively.
The improvement is also visible across shorter timeframes. Bitcoin, Ethereum and Solana have posted gains over the past seven and 14 days, while major U.S. equity indexes have weakened during those periods.
Glassnode CTO Rafael Schultze-Kraft described the shift as evidence that crypto is gradually beginning to hold its ground against traditional risk assets.
Crypto Competes for the Speculative Dollar
The changing performance comes after a period in which investors had plenty of alternatives for high-risk, high-return trades.
NYDIG research highlighted how speculative capital has increasingly been spread across assets including artificial intelligence stocks, major technology companies, gold, equity derivatives, zero-day options, sports contracts and prediction markets.
That competition helps explain why crypto struggled to attract momentum during parts of the previous year.
Bitcoin faced particularly strong competition from AI-related equities, with investors directing significant capital toward technology and semiconductor stocks while crypto prices weakened.
However, the relationship may now be changing.
BlackRock’s digital assets leadership recently pointed to Bitcoin’s relative strength during the pullback in AI stocks as a potentially constructive development, suggesting the cryptocurrency could increasingly serve as a diversification asset rather than simply another high-risk technology trade.
ETF Flows Remain the Key Test
Despite the improvement in relative performance, analysts remain cautious about calling it a confirmed capital rotation into crypto.
Glassnode has highlighted weak spot activity and inconsistent institutional flows as areas that still require improvement. The firm has identified U.S. spot Bitcoin ETF flows as one of the most important indicators to watch.
Data from Farside Investors shows that U.S. spot Bitcoin ETFs recorded approximately $385 million in net outflows between August 10 and August 14 before attracting around $487 million in inflows on August 17 and 18.
August had accumulated roughly $967 million in net inflows through August 18, although flows have remained uneven.
The distinction is important: stronger relative returns alone do not necessarily mean that large pools of capital are moving back into crypto.
What Could Confirm a Crypto Rotation?
A more convincing shift would likely require three developments to occur together: continued outperformance by Bitcoin and major altcoins, sustained positive ETF flows and a recovery in spot trading activity.
If those signals strengthen simultaneously, crypto could become more competitive for investors seeking momentum outside traditional equities.
However, there is also a downside scenario.
If the Nasdaq and major AI stocks regain momentum while Bitcoin ETF inflows weaken again, the recent improvement could fade. Bitcoin could then remain trapped around the low-to-mid $60,000 range, suggesting that the recent outperformance was only a temporary change in market positioning.
For now, the data points to a relative improvement rather than a confirmed crypto comeback. Bitcoin spent the previous year losing ground to technology stocks. The past two months suggest that it is once again competing for investor attention.