Since Trump’s victory on November 5, Bitcoin has remained the top performer. It outpaced gold. It outpaced Wall Street.
And yet, the dollar’s depreciation hasn’t directly supported the cryptocurrency, despite its USD denomination. A sign, perhaps, of a shift in portfolio allocation: less currency exposure, more emphasis on the asset itself.
On April 8, Bitcoin hit its low alongside global equity markets. The rebound was broad-based. But it’s in the days that followed that the divergence took shape. Bitcoin didn’t just follow the trend — it accelerated, outperformed, and led.
Rolling 15- and 30-day correlations clearly strengthen the link between Bitcoin and the Nasdaq 100. A dynamic that confirms Bitcoin is now behaving more like a high-beta tech asset, closely aligned with growth dynamics, rather than gold.
Amid the broader US equity rebound, Bitcoin amplified the signal. The VIX dropped, and the flows returned, but BTC delivered the most intense reaction. It didn’t anticipate the bottom. It amplified the risk-on regime.
Fund flows support the narrative: on April 23, the iShares spot ETF IBIT saw over $630 million in inflows, the largest since January 21. Back then, the focus was on potential institutional purchases by the US government. This time, the capital arrived with no accompanying story — backing a move that is gaining technical strength as well.
On-chain data point to a solid market structure. According to IntoTheBlock, over 91% of addresses are currently in profit. Looking ahead, the $96,000 to $99,000 range marks the next key test, home to a significant share of underwater addresses. It’s a zone where break-even profit-taking risk could intensify.
This time, Bitcoin wasn’t the first to move. It was the first to stand out.
This communication is for information purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.
