Bitcoin underperforms SPX, yet Saylor doubles down – Here’s why

This cycle has really put fundamentals back in the spotlight.On the price side, the crypto market has been all over the place. The result? The Fear and Greed Index showed market confidence rattling, swinging continuously between “extreme fear” and the broader fear zone.Notably, that shake-up has created a clear divergence.On the charts, Bitcoin [BTC] showed a loss of strength versus risk-on and legacy assets. For instance, the S&P500 [SPX] was up 2.18% QTD, while BTC sat at -22%, only 7% away from erasing last quarter’s gains.Source: TradingView (BTC/USDT)In this setup, Michael Saylor’s take starts to click.In a recent interview, he said Bitcoin’s “fundamentals are strong this year.” According to AMBCrypto, that’s a big deal. It showed the heavy hitters were still backing BTC, not for its short-term swings, but for the fundamentals.Notably, MicroStrategy (MSTR) has added 31k BTC this quarter, staying firm on its stance. Could this mark a new era in how the market handles FUD, with Bitcoin’s fundamentals becoming the true driver of its value?Saylor positions Bitcoin as the next-gen store of valueLooking ahead, MSTR’s Bitcoin roadmap is clearly future-focused.From Artificial Intelligence (AI)-driven financial models and upgraded digital gold plans to regulatory easing and quantum FUD, Saylor sees the company snapping up 5-7% of BTC supply over the next few years.Notably, the core of this conviction rests on two key factors: Bitcoin’s growing tokenization and regulatory clarity. Saylor sees these as the main drivers likely to push BTC’s institutional adoption to new highs.Source: Coin MetricsThe 2025 Coin Metrics report backs this thesis.Looking at the chart above, the market cap of wrapped Bitcoin across chains has quintupled since January 2023. In fact, the two largest tokens (WBTC and cbBTC) now account for a combined 172,130 BTC.In other words, tokenized Bitcoin has surged this year, strengthening its DeFi footprint by tapping into the power of other L1 blockchains. Given this trend, Michael Saylor’s Bitcoin strategy starts to make complete sense.As a result, with fundamentals getting stronger, institutional appetite for BTC could just be kicking off, and MicroStrategy’s bold moves may set the tone for other Bitcoin heavyweights to follow.Final ThoughtsDespite market volatility, Michael Saylor and MicroStrategy continue to back Bitcoin based on fundamentals, adding 31k BTC this quarter. With tokenized Bitcoin surging and regulatory clarity improving, Bitcoin’s fundamentals are strengthening, setting the stage for broader institutional participation.