PANews reported on April 22 that according to CoinDesk, the current BTC/Nasdaq ratio is 4.96, close to its historical high. Previously, the ratio hit a record of 5.08 in January 2025, when Bitcoin hit a record high. Historically, the ratio has hit new highs in every market cycle, highlighting Bitcoin's outstanding performance relative to Nasdaq.

Bitcoin and U.S. tech stocks are increasingly diverging. Year-to-date, Bitcoin is down 6% and the Nasdaq is down 15%. Since Trump’s election in November 2024, Bitcoin has risen 30% and the Nasdaq has fallen 12%. Compared with the “Big Seven” tech stocks, Bitcoin is still about 20% below its February high, but the top tech stocks are still outperforming the Nasdaq Composite. As a representative of Bitcoin exposure, MicroStrategy (MSTR) has also outperformed U.S. tech stocks. Since joining the QQQ ETF, MSTR has fallen 11%, while the ETF has fallen more than 16%. The divergence is more obvious in 2025: MSTR is up 6% year-to-date, while QQQ is down 15%.