Yeliz Akmaca 
The S&P 500 index has shown a strong recovery since April 2025. With this rise, a remarkable V-shaped rebound occurred in the U.S. stock market. The index closed at an all-time high of 6,280.46 points. Although the S&P 500 is up 7% this year, it has lagged behind Bitcoin.
According to analysis by The Kobeissi Letter based on Bitbo data, the S&P 500 has declined by 15% against Bitcoin this year. This suggests that digital assets are outperforming traditional financial instruments. Bitcoin has once again highlighted this disparity — and it’s not limited to just this year.
99.98% Drop Against Bitcoin Over 13 Years
As The Kobeissi Letter notes, the S&P 500 has lost 99.98% of its value against Bitcoin since 2012. This data clearly illustrates how powerful Bitcoin’s long-term returns have been for investors.
Truly incredible:
The S&P 500 in Bitcoin terms is now DOWN -15% year-to-date.
Since 2012, the S&P 500 in Bitcoin terms is down -99.98%.
We are all witnessing history. https://t.co/DsoHhJQXvo pic.twitter.com/UHETngTqGy
— The Kobeissi Letter (@KobeissiLetter) July 11, 2025
Meanwhile, Bitcoin surpassed $118,800 on Coinbase this past Friday. BTC has risen 9% weekly and gained 24% in the first half of 2025. The 24-hour increase stands at 5.5%. This rally is driven by one key factor: massive institutional demand for spot Bitcoin ETFs.
Charlie Bilello pointed out that Bitcoin hasn’t just outperformed indices — it has also beaten major tech stocks like Nvidia (NVDA), Tesla (TSLA), and Netflix (NFLX).
Last 10 Years…
Bitcoin $BTC: +40,450%
NVIDIA $NVDA: +34,815%
Tesla $TSLA: +1,702%
Netflix $NFLX: +1,206%
Microsoft $MSFT: +1,199%
Amazon $AMZN: +926%
Meta $META: +751%
Apple $AAPL: +691%
Google $GOOGL: +556%
S&P 500 $SPY: +262%
Gold $GLD: +175%
US Inflation (CPI): +35%— Charlie Bilello (@charliebilello) July 11, 2025
Spot Bitcoin ETFs Are Attracting Investors
In 2025, ETF investors quickly turned to Bitcoin. The 12 U.S.-listed spot Bitcoin ETFs currently hold 1,264,976 BTC — over 6% of the total Bitcoin supply. According to Bitbo, the market value of these holdings has reached $148.6 billion.
Thanks to strong demand, spot ETFs became the third-largest fund inflow category in the first half of 2025. Gold and short-term government bonds ranked first and second. This data, shared by State Street, reflects institutional investors’ increasing interest in cryptocurrencies. In fact, last Thursday marked the second-largest daily inflow in U.S. spot Bitcoin ETF history, with $1.17 billion in new capital entering these products in just one day.
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