Bitcoin may face its first annual divergence from stocks since 2014

According to Bloomberg data, as of 2025, the S&P 500 index has risen over 16%, while Bitcoin has fallen by 3%. This marks the first annual decline for Bitcoin in a year when the stock market is up since 2014, indicating a significant decoupling from traditional risk assets. Despite market expectations that Bitcoin would benefit from a wave of institutional adoption, its price fell about 30% after reaching a peak of $126,000 due to forced liquidations and a collapse in retail momentum, and it is expected to end this week’s trading on a low note. Analysts point out that Bitcoin's role as a growth-driven "risk appetite" asset is weakening, with capital flows being siphoned off by precious metals, and its decoupling phenomenon is particularly pronounced against the macro backdrop of soaring artificial intelligence stocks and investors returning to the stock market