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S&P 500 gains $2.1T this month as bitcoin lags

Bitcoin is up about 2% over the same period, trading near $64,600, while the S&P 500 added roughly $2.1 trillion in market cap and reached a record value.

Reported · Written up by our desk · Market Structure

The S&P 500 has climbed 3.12% this month, adding about $2.1 trillion in market capitalization and pushing its total value to a record $70.5 trillion, according to CoinDesk. The index is trading around 7,723 points, with the Nasdaq and Dow also buoyant.

Bitcoin is not keeping pace, with the token up just 2% over the same stretch and trading near $64,600, a level it previously touched back in July. CoinDesk attributes the disconnect to factors beyond simple “risk-on” logic, including an equity rally concentrated in areas like AI that have less direct exposure to bitcoin.

CoinDesk also points to bitcoin-specific headwinds, including a Coldcard hack, and notes that some traders are sitting on the sidelines ahead of an expected October cycle bottom. Analysts cited by CoinDesk argue the stock rally is being driven by stock narratives, rather than a broad macro impulse that would lift higher beta assets like BTC at the same time.

On macro, CoinDesk notes a renewed drop in oil and hopes tied to the Strait of Hormuz reopening. It says lower oil prices may benefit markets more directly through near-term business costs for stocks, while the bitcoin impact would likely run through inflation expectations and then Federal Reserve policy, which could take longer and remains uncertain for September, according to Tesseract Group’s Adam Haeems.

Latest closeBitcoin $64,764.04 ▲1.1%|S&P 500 7,723.55 ▼0.2%|Nasdaq Comp. 26,363.44 ▼0.8%

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