S&P 500 Adds $2.1 Trillion in a Month as Bitcoin Stalls Near $64K — What Is Holding BTC Back?

U.S. equities are racing to fresh highs while Bitcoin remains stuck in a narrow range, highlighting a widening gap between Wall Street’s risk appetite and demand for crypto.

The S&P 500 is up 3.12% this month alone, with a market capitalization of $70.5 trillion, adding roughly $2.1 trillion in value. Bitcoin was up slightly, by about 2%, trading in a tight range around $64,600.

However, the divergence also means that the rally has been much more subtle and focused on artificial intelligence, semiconductor and mega-cap names, than a macro rotation into high-beta names.

Adam Haeems of Tesseract Group noted that Bitcoin has little direct exposure to these sectors, so a rise in the stock market does not always lead to inflows into crypto.