On-chain analytics firm Glassnode analyzed that “Bitcoin (BTC) is regaining relative strength compared to the US stock market.” Glassnode stated, “In June, the proportion of trading days where BTC's daily returns surpassed the S&P500 was about 20%, the lowest level in the last six years. However, recently this proportion has again exceeded 50%, while the stock market is showing sideways movement. This suggests that individual buying pressure is flowing into BTC, rather than a general co-rise across all risk assets.”
