US stock markets set new records on September 6, with the S&P 500 and Nasdaq 100 reaching all-time highs. Bitcoin, however, lagged during the rally, holding steady in the $85,000 zone where it has remained for two weeks.
Typically, stocks and Bitcoin move in tandem as risk-on assets, but this divergence reflected different market drivers.
Stocks Rally on Multiple Fronts
Artificial intelligence stocks led the advance, with AMD climbing 2.8% after CEO Lisa Su signaled strong chip demand, and Amazon adding 1.9%. The bond market provided additional support as the 10-year Treasury yield eased to approximately 5.26% after reaching 5.33% the previous day. Oil prices also declined, with Brent crude slipping below $100 a barrel as some tankers moved through the Strait of Hormuz, which eased inflation concerns.
Analysts attributed the shift to a sudden drop in US bond yields across the curve and market expectations of lower inflation ahead of the Federal Reserve's October 27-28 meeting.
Bitcoin Remains Sidelined
Bitcoin has not participated in the earnings-driven rally, lacking the corporate fundamentals that drove AI stocks higher. The cryptocurrency has been confined to a range between $84,000 and $87,000, trading approximately 32% below its October 2025 record near $126,200.
Asset manager 21Shares noted that a monthly close above $88,000 would signal a trend change, while a decline to $81,000 could open the door to further losses toward $71,300.
Bitcoin saw a temporary lift last week following a weak jobs report that reduced rate-hike expectations. Analysts have suggested that falling yields following midterm elections could provide support for the cryptocurrency, but elevated Treasury yields have continued to pressure Bitcoin relative to traditional markets.
