Bitcoin Gains 36% as Stocks Stall and Gold Slips
Bitcoin gained 36% over the five weeks through September 22, significantly outperforming the S&P 500 and gold as both traditional assets posted limited or negative returns during the period.
A Santiment chart showed Bitcoin trading near $87,100 on September 22. From August 18, the S&P 500 had risen 0.8%, while gold declined 1.5%. That left Bitcoin ahead of the U.S. stock index by 35.2 percentage points and above gold by 37.5 percentage points.
The performance gap widened in stages. Bitcoin advanced sharply in late August, spent portions of early September moving sideways, and then accelerated again toward September 22. The S&P 500 recorded only modest gains, while gold ended the period below its August 18 level.
Bitcoin Outpaces Stocks and Gold
The five-week comparison highlights how differently the three assets performed over the same period.
Bitcoin's 36% increase contrasts with the S&P 500's 0.8% gain and gold's 1.5% decline. According to Santiment Intelligence, Santiment used the comparison to highlight the cryptocurrency's recent relative strength rather than suggesting that the three markets necessarily respond to the same factors.
Santiment also linked part of Bitcoin's initial move to selling activity among wallets holding between 0.1 and 10 BTC during mid-August. However, the chart itself tracks asset prices rather than wallet activity, meaning that the proposed relationship comes from Santiment's broader analysis rather than from the performance chart alone.
Bitcoin subsequently maintained much of its advance through periods of consolidation before another move higher near September 22.
Treasury Buybacks and ETF Demand
Santiment also cited several factors that it believes contributed to Bitcoin's stronger performance, including increased U.S. Treasury buybacks, renewed demand for exchange-traded funds and short squeezes as Bitcoin moved through resistance levels.
The Treasury increased the maximum size of certain long-dated bond buyback operations from $2 billion to at least $4 billion beginning September 9. The department described the change as a measure intended to support liquidity in those bond markets.
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| Source: Xpost |
Santiment connected that broader liquidity environment with Bitcoin's advance, although the price comparison does not establish a direct causal relationship between Treasury buybacks and Bitcoin's price.
ETF demand represents another potential source of buying pressure. Purchases of spot Bitcoin ETFs can increase demand for the underlying asset, while short squeezes can accelerate price gains when traders holding bearish positions are forced to close them.
Neither ETF flows nor liquidation data are displayed in Santiment's three-asset performance chart, so those factors form part of the firm's explanation rather than measurements contained directly in the chart.
Bitcoin's Relative Strength Remains a Five-Week Comparison
Santiment characterized Bitcoin's performance as being driven by factors specific to the cryptocurrency market while stocks faced a backdrop of higher interest rates and uneven participation. The firm also suggested that expectations for tighter monetary policy contributed to pressure on gold during the period.
The data nonetheless establish a clear performance difference between the three assets from August 18 through September 22. Bitcoin rose substantially, the S&P 500 advanced only slightly, and gold finished lower.
Whether Bitcoin maintains that lead over stocks and gold will depend on subsequent market performance. The five-week period demonstrates a significant divergence, but by itself does not establish a permanent shift in the relationship between the assets.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.