The S&P 500 has climbed 3.12% this month, adding about $2.1 trillion in market value—an amount roughly equal to the entire cryptocurrency market cap. Its total valuation hit a record $70.5 trillion, while Bitcoin has managed only a ~2% gain, hovering near $64,600. Analysts attribute the equity rally to AI and semiconductor names rather than a broad risk-on shift, leaving Bitcoin without a direct tailwind. Meanwhile, crypto faces internal pressures: Coldcard's $120 million exploit, an uncertain Clarity Act, Strategy's third straight month of BTC sales, and shrinking stablecoin supply—USDT down to $183B from $190B and USDC down to $72B from $79.5B since April.
The S&P 500 has risen 3.12% this month, adding roughly $2.1 trillion in market value—an amount comparable to the total capitalization of the entire crypto market. The index's combined market cap now stands at a record $70.5 trillion, according to CoinDesk.
Bitcoin, by contrast, has managed only about a 2% gain over the same period, with prices hovering near $64,600.
Analysts attribute the equity rally to AI and semiconductor names driving the tape, rather than a broad-based improvement in risk appetite at the macroeconomic level. That leaves Bitcoin without a direct beneficiary channel from the stock surge.
The crypto market, meanwhile, is dealing with several internal pressures. Coldcard suffered a $120 million exploit. The Clarity Act faces an uncertain path forward. Strategy has now sold BTC for three consecutive months. Stablecoin supply has also kept shrinking: USDT fell from $190 billion in April to $183 billion, while USDC dropped from $79.5 billion to $72 billion.
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