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Bitcoin vs. Nasdaq 100

Bitcoin to Nasdaq 100 Ratio

Interpretation

The ratio in the chart above divides the price of Bitcoin by the Nasdaq 100 index value. When the ratio rises, bitcoin is outperforming the Nasdaq 100 - and when it falls, the Nasdaq 100 is outperforming bitcoin. The chart's yAxis uses a linear scale by default, but can be toggled to logarithmic.
The Nasdaq-100 (NDX) is an equity index of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. It is heavily weighted towards U.S. tech and growth names (e.g., the "Magnificent 7") and represents ownership in businesses with tangible earnings and cash flows.
Bitcoin, conversely, is a decentralized digital asset. Its supply is algorithmically capped and halving-driven, with no earnings, buybacks, or dividends. Its valuation is mostly driven by narratives, adoption, and global liquidity, making it closer to a monetary asset or commodity.

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Bitcoin vs. Nasdaq 100 Price Changes

Interpretation

This chart gives a different view of the data from the charts above, comparing the percentage change between the prices of bitcoin and the Nasdaq 100 over time.

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The Correlation Between Bitcoin and Nasdaq 100

Interpretation

The chart above displays the 1-year rolling correlation coefficient between the price of bitcoin and the Nasdaq 100. A correlation coefficient of +1 indicates a perfect positive correlation, meaning that the price of bitcoin and the Nasdaq 100 moved in the same direction during the specified time window. Conversely, a correlation coefficient of -1 indicates that they moved in opposite directions.

Bitcoin vs. Nasdaq 100 Market Capitalization

Interpretation

This chart compares the total market capitalization of Bitcoin with the Nasdaq 100. Bitcoin's market cap is calculated by multiplying the current price with the circulating supply, which follows a predictable halving schedule programmed into the protocol. The Nasdaq 100 market cap is estimated by multiplying the index level by a divisor. Since the divisor changes over time (due to rebalancing, corporate actions, etc.), we estimate it by linearly interpolating between two known anchor points: $2.5T at the end of 2010 and $31.46T in late 2025.

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An error appeared while loading the data. Maybe there is a technical problem with the data source. Please let me know if this happens regularly @silvan_frank.