How crypto turned a 68-point deficit into a market lead as Bitcoin and top altcoins outrun the Nasdaq

Bitcoin trailed the Nasdaq 100 by 68 percentage points over the past year, and it has spent the last 60 days turning that deficit into a five-point lead.

According to Glassnode's cross-asset return table, Bitcoin fell 44% over the past twelve months while the Nasdaq climbed 24%, making crypto the only asset group in the sample still sitting in negative territory.

Over the last 60 days, Bitcoin gained 2% while the Nasdaq lost 3%, a 73-point swing in relative performance from where the two stood a year earlier.

Ethereum and Solana are outrunning it

Ethereum and Solana are showing the same reversal, but more sharply. Both lost more than Bitcoin over the past year, down 56% and 58% respectively, yet both gained more over the last 60 days, up 12% and 10%.

That puts Ethereum 15 points above the Nasdaq over that window and Solana 13 points above it.

The same pattern shows up at shorter horizons, where Bitcoin, Ethereum and Solana all posted gains over both 14 days and seven days while the S&P 500 and Nasdaq 100 fell in the same stretches.

Glassnode CTO Rafael Schultze-Kraft captured the reversal in a single social post, describing crypto as slowly starting to hold its own against stocks and looking better over the past two months.