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For years, Bitcoin (CRYPTO: BTC) and the Invesco QQQ ETF (NASDAQ:QQQ), which tracks the Nasdaq 100, moved almost in lockstep, both acting as gauges of investor risk appetite. But that relationship is fraying fast, and the recent divergence is hard to ignore.
Chart created using Benzinga Pro
Until recently, BTC and QQQ had a correlation above 0.75, signaling strong co-movement during risk-on periods, noted Heisenberg on X. Over the past month, however, the correlation has fallen toward 0.4, while QQQ has surged to new highs driven by AI-led mega-caps. Bitcoin has lagged roughly 5% — a widening performance gap that underscores a growing decoupling.
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What's driving the split? AI momentum continues to lift top tech names like Nvidia Corp (NASDAQ:NVDA), Microsoft Corp (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL), pushing QQQ higher even as broader risk sentiment remains volatile. Bitcoin, meanwhile, is struggling to rally despite lingering institutional inflows and macro tailwinds, suggesting investors are increasingly differentiating between growth tech and crypto.
Analysts note that Bitcoin's lagging performance highlights the market's recalibration: it's no longer simply a proxy for risk-on trades but rather behaving independently, sometimes trailing equities even during strong tech rallies.
The divergence between QQQ and Bitcoin also provides a window into investor strategy. Even amid AI's meteoric rise, some traders may be reducing crypto exposure to capture returns in AI-fueled tech, testing the limits of previously tight correlations. For investors, the widening gap is a reminder that crypto and equities do not always move in tandem and that Bitcoin's path can diverge sharply from broader market trends.
As AI continues to dominate headlines and fuel tech stock rallies in 2025, Bitcoin's underperformance shows that the crypto market is carving its own trajectory — separate from, and sometimes lagging behind growth equities.
For those tracking correlations, the widening gap between QQQ and Bitcoin is the clearest signal yet that the old narrative of tight coupling no longer holds.
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