US stocks rise again, Bitcoin continues to move sideways

American stocks are enjoying another golden age, while Bitcoin , as it has all year, remains on the sidelines. The reasons for this are not yet clear.

In August, the S&P 500 rose 3,12%, increasing its market capitalization by approximately $2,1 trillion and bringing its total value to a record $70,5 trillion, at 7723 points. The Nasdaq and Dow are also showing gains. Wall Street, by all measures, is in active risk mode.

Bitcoin isn't following suit, although it has often followed stocks since the COVID-19-induced crash in early 2020. This month, the currency has risen just 2%, trading around $64,600, remaining exactly where it has been for several weeks.

CoinGecko Data

Bitcoin's low returns are partly explained by the fact that the stock market's gains are driven primarily by the specific performance of AI-related stocks, rather than by the overall macroeconomic momentum driving riskier assets like BTC.

Of course, some macroeconomic factors, such as falling oil prices and hopes for a return to normal flow through the Strait of Hormuz, are positive for all risk assets. But they primarily benefit equities.

The decline in oil prices following the opening of the Strait of Hormuz could benefit both markets, but through different channels. Stocks benefit relatively immediately due to lower business costs.

 

For Bitcoin, the effect manifests itself through inflation expectations and then through Federal Reserve policy. This takes longer, and the outlook for September remains uncertain, says Adam Haims, head of asset management at Tesseract Group.

The cryptocurrency market is also facing its own challenges that could limit growth, including the $130 million Coldcard hack and reports of a Bitcoin sale by Strategy.

Rising bond yields are creating additional headwinds for cryptocurrencies, leading to capital outflows through stablecoins. The supply of the leading dollar-pegged stablecoin, USDT, has fallen to its lowest level since 2025.

The HCN Capital Flow Insight index rose to 67.9, up 0.8 points since the last update. The market is in the Greed zone. The average yield on stablecoins remains 2.9 percentage points above the Fed's effective interest rate, the TVL of the largest protocols decreased by 0.3%, 43 BTC entered exchanges, and miners are holding BTC, which is a bullish signal.