Bitcoin Nears Record Breakout Against Nasdaq, Moves In Lockstep With Gold

synopsis

Bitcoin (BTC) is closing in on a record high relative to the Nasdaq 100 Composite, rising in tandem with gold and signaling a broader market pivot toward hard assets.

The BTC-to-Nasdaq ratio rose to 4.96 on Monday, just shy of the record 5.08 set in January, when Bitcoin’s price closed in on $109,000. At current levels, as per TradingView data, nearly five Nasdaq units are required to match one Bitcoin.

The apex cryptocurrency is trading around $88,500, up 1.4% in the past 24 hours, according to CoinGecko.

Gold prices (XAU/USD) also advanced sharply, hitting $3,500 an ounce in pre-market trade on Tuesday, setting fresh highs in a move that coincided with Bitcoin’s rally across U.S. and Asia market hours.

The simultaneous strength in Bitcoin and gold comes as President Trump’s tariff war continues to spark anxiety among investors. The U.S. has imposed tariffs of 3,521% on solar panels imported from Southeast Asia. The move has reignited concerns about potential renewed economic friction with China, which could impact cross-asset sentiment.

“Bitcoin is becoming less Nasdaq — more gold,” said Alex Svanevik, CEO of blockchain analytics platform Nansen, in a post on X, pointing to the performance gap between Bitcoin and the Nasdaq. 

Bitcoin’s price has dropped 6% this year, while the Nasdaq 100 Composite has fallen 15%. Since Trump’s November victory, Bitcoin has rallied 30%, while the Nasdaq has declined by 12%.

Still, Bitcoin remains about 20% below its peak when measured against the ‘Magnificent Seven’ mega-cap tech companies, which include Nvidia (NVDA), Alphabet (GOOG) (GOOGL), Tesla (TSLA), Meta (META), Amazon.com (AMZN), Apple (AAPL), and Microsoft (MSFT). These companies have outperformed the broader Nasdaq Composite.

Meanwhile, Strategy (MSTR) stock, widely viewed as a proxy for institutional Bitcoin exposure, has also been outperforming. 

Since the company’s addition to the Invesco QQQ Trust ETF (QQQ) in December, MSTR is down 11%, compared with a 16% drop for the ETF. In 2025, MSTR rose 6%.

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