Apollo’s chief economist, Torsten Slok, is drawing attention to a growing divergence between bitcoin ( BTC-USD ) and the Nasdaq Composite ( COMP:IND ), two assets that have historically moved in close alignment. While both are typically regarded as risk-on plays and often respond similarly to shifts in investor sentiment, that relationship has fractured in recent weeks, Slok noted. The Nasdaq Composite has been steadily clawing back ground, narrowing its distance from record levels following the earlier month’s market turbulence. The tech-heavy benchmark now sits roughly 4% below its all-time high, reflecting renewed confidence in the sector and a broader appetite for growth-oriented equities. Bitcoin, however, has taken a markedly different path. The cryptocurrency has suffered a much steeper pullback, sliding more than 31% from its peak as traders reassess digital-asset valuations amid heightened volatility. The widening gap between equity markets and bitcoin performance has raised questions about whether crypto is breaking away from traditional risk-asset behavior or simply undergoing a deeper cyclical correction. Slok’s chart, referenced below, illustrates the notable breakdown in the once-strong correlation—an emerging trend that analysts are watching closely as markets attempt to recalibrate heading into year-end. Bitcoin vs. Nasdaq (Apollo Asset Management) Nasdaq ETFs: ( QQQ ), ( QQQM ), ( SQQQ ), ( TQQQ ), ( QLD ), and ( QID ). Bitcoin ETFs: ( IBIT ), ( ARKB ), ( GBTC ), ( BRRR ), ( BTCO ), ( HODL ), ( BTCW ), ( FBTC ), ( BITB ), and ( EZBC ). More on markets Thanksgiving feast of gains: 10 best S&P 500 stocks of 2025 Thanksgiving leftovers no one wants: 10 worst S&P 500 stocks of 2025 Black Friday, Cyber Monday, and 10 retail stocks to watch Don't Buy This Dip: It's Black Friday In The Equity Market AI Spending War And AI Debt Pile-Up Could Squeeze Share Buybacks
