Bitcoin continues to trail U.S. equities, with the S&P 500 up 5% over the past 90 days while BTC fell 20%, a performance gap Glassnode says reflects an equity-led tape until Bitcoin rebuilds relative strength. Since January, Glassnode said Bitcoin is down 35% and altcoins 57%, making crypto the weakest major asset class in its comparison set even as gold, copper, silver and major U.S. equity indexes posted gains. July nevertheless showed signs of decoupling from technology stocks, with Bitcoin up 9% and Ethereum up 20% while the Nasdaq-100 fell nearly 7% and chip ETFs dropped more than 20%, reducing Bitcoin's correlation with the Nasdaq from 0.89 in May to 0.43 by July 28, according to TradingView and K33 Research data cited in the reports. At the same time, U.S. spot Bitcoin ETFs recorded their strongest weekly inflows since April, with the newer report citing $865.3 million across five straight sessions and the older report citing $853.5 million for the week ended August 7. Bitfinex Alpha said the funds absorbed about 13,300 BTC, far above the roughly 3,150 BTC newly created by the network. Even so, Bitcoin rose only slightly more than 2% for the week versus a 3.58% gain in the S&P 500, with supply including Strategy's sale of 1,638 BTC for about $104.7 million and an on-chain cost-basis cluster of roughly 1.79 million BTC between $62,000 and $65,000 capping gains. Softer U.S. labor data also reduced expectations of a September rate hike, though long-term Treasury yields remained elevated.