Bitcoin Underperforms Stocks for Record Six Months

Bitcoin has experienced its longest-ever period of underperformance against the S&P 500, lagging U.S. equities for nearly six months. This historic stretch, marked by significant first-quarter declines for Bitcoin, raises questions about its role as a risk asset versus a hedge. Despite broader market struggles and geopolitical tensions impacting oil and gold, Bitcoin showed resilience in March, partly due to prior liquidations clearing leveraged positions. Analysts suggest this extended lag could precede a rebound, contingent on evolving geopolitical risks and energy market dynamics.