Cryptocurrencies have continued to consolidate over the past 24 hours. Bitcoin is trading sideways and is still trading just below $87,000. Meanwhile, the Nasdaq 100 fell again yesterday – concerns about US tariffs continue to weigh on the financial markets. While investors are reducing their exposure to this risky asset class in the short term, there are exciting long-term valuations. Is Bitcoin simply another Nasdaq? A well-known analyst is now pointing this out:
Bitcoin is a leveraged Nasdaq
The local analyst from Ecoinometrics notes that there is a measurable statistical connection between the logarithmic price of Bitcoin and the NASDAQ 100. This means that when the Bitcoin price is viewed on a logarithmic scale—where percentage changes are given equal weight—it shows a long-term parallel trend with the US tech index NASDAQ 100. Both have grown at similar rates over the years.
Despite short-term fluctuations, the long-term trend remains. The analyst emphasizes that Bitcoin is currently strongly influenced by macroeconomic factors – interest rates, monetary policy, and the general market environment. This makes Bitcoin behave like a “high-beta” asset. This means that Bitcoin reacts disproportionately to movements in the NASDAQ. When the tech index rises, Bitcoin usually rises even more – when it falls, Bitcoin often falls even further.
Whether this is good or bad for investors depends on the status quo of the NASDAQ. As long as it remains above its 200-day moving average – a common indicator of uptrends – Bitcoin could continue to benefit. The key message, therefore, is that Bitcoin is increasingly behaving like a leveraged tech index.
VanEck analysts, meanwhile, view Bitcoin not only as a speculative asset but also emphasize its potential function as an inflation hedge. Especially since the expansionary monetary policy following the COVID-19 pandemic, confidence in fiat currencies has declined – their purchasing power has been noticeably weakened by inflation. In contrast, Bitcoin cannot be increased at will: the maximum supply is limited to 21 million, and regular halvings reduce the supply every four years.
This scarcity, combined with its decentralized nature, makes Bitcoin resistant to monetary policy interventions such as quantitative easing or government borrowing. This offers investors an alternative for securing purchasing power in the long term.
Moreover, data shows that even a small addition of Bitcoin – around 1 to 3 percent – ​​can improve the risk-return profile of traditional portfolios. Fluctuations remain moderate, while cumulative returns increase noticeably. Bitcoin thus functions as a strategic addition with additional benefits in times of inflation concerns.
BlackRock, the world’s largest asset manager, also sees Bitcoin as more than just a speculative asset. It offers long-term investment value and can complement portfolios with a standalone, additional source of diversification. This assessment underscores the growing acceptance of Bitcoin as a serious asset class.
The assessment that Bitcoin is merely a leveraged NASDAQ trade is therefore somewhat oversimplifying. While the current market phase shows a strong correlation between the two – particularly due to macroeconomic factors such as interest rate policy or liquidity flows – this connection is not permanent. In certain phases, Bitcoin tends to behave more like gold, lagging behind price movements. This is what makes Bitcoin so special: It can function both as a speculative high-beta trade and as a strategic hedge – depending on the market phase.
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