Bitcoin sits roughly 48% below its all-time high while the S&P 500 and Nasdaq post record gains, marking one of the sharpest divergences between crypto and equities in recent memory. Bitcoin, meanwhile, is sitting in the mid-$60,000s, down roughly 30% year-to-date and about 48% below its October 2025 all-time high above $126,000. AdvertisementThe Nasdaq’s double-digit gains in parts of 2026 stand in stark contrast to Bitcoin’s roughly 33% decline over the same period. The correlation between Bitcoin and the S&P 500 has typically exceeded 70%, making the current divergence genuinely unusual. When equities post record highs and Bitcoin declines by nearly a third in the same period, the diversification argument takes a hit.