Deniz 
Over the past few weeks following the broad deleveraging in early August, bitcoin has not fared as well as U.S. stocks and other macro assets.
Monday, Aug. 4, the market for cryptocurrencies lost around $367 billion in value in a 24-hour span. Along with a more general drop in stocks on one of the worst days for risk assets since the 1987 “Black Monday” disaster, this selloff coincided with
According to Friday’s Coinbase Weekly report, bitcoin has underperformed equities indices since the early August deleveraging event.
Comparatively to the S&P 500, where index levels are actually 1.41 standard deviations over their three-month normal, bitcoin pricing is currently 0.50 standard deviations below its three-month average, Coinbase analysts David Duong and David Han stated.
The analysts also noted that bitcoin’s recent price performance has been erratic, trading inside a rather narrow range, which is in line with worries about the absence of a new unique narrative to propel the value of the commodity.
“Since early August, bitcoin prices have not been able to totally recover. Lack of stories and the fact that September is a seasonally difficult period for cryptocurrencies are keeping traders on the sidelines,” Duong and Han said.
The analysts attributed this mostly to slowing exchange-traded fund (ETF) flows, bitcoin-specific supply overhangs, and a recovery in the international US dollar index, which might be dragging down crypto performances.
“That said, ether has continued to underperform bitcoin; ETH/BTC reaches new year-to-date lows amid spot Ethereum ETF outflows,” they stated.
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