Bitcoin Crushes The S&P 500: An Unprecedented Performance Since 2012!

Can we still say that bitcoin is a phenomenon foreign to Wall Street? Nothing is less certain. The queen of cryptos is no longer content to make headlines only in crypto-native circles. It now appears in the balance sheets, portfolios, and performance calculations of institutional investors. And the numbers are clear: it is no longer Wall Street leading the dance. Proof…

When the S&P 500 Appears as a Devalued Currency Compared to Bitcoin

The S&P 500 hit a new record, surpassing 6,280 points. But expressed in bitcoin, it’s a different story. The famous stock index has lost 15% against the flagship crypto since the beginning of the year. Even worse, since 2012, it has shown a staggering 99.98% drop against BTC.

This is what The Kobeissi Letter reminded on X:

We are witnessing a historic moment. Since 2012, the S&P 500 has lost 99.98% of its value against Bitcoin.

This shift in perspective is not just a numbers game. It reflects a change in frame of reference. Bitcoin becomes the unit of measure that matters. Even tech giants, usually at the top of performance, have to bow.

Charlie Bilello compiled the list of ten-year returns, showing that bitcoin surged 40,450%, far ahead of Nvidia, Tesla, or Microsoft.

ETFs, Strategic Reserves and Institutional Frenzy: The Other Face of the Bull Run

The rapid rise of bitcoin rests on tangible foundations. First, spot Bitcoin ETFs have changed the game. Altogether, the twelve US ETFs hold 1,264,976 BTC, or more than 6% of the global supply. And they continue to absorb more. Last Thursday, they recorded an inflow of 1.17 billion dollars, the second-largest ever recorded.

But that’s not all. Washington has clearly pivoted to the pro-crypto side. Between the creation of a strategic bitcoin reserve by presidential decree and the vote on the GENIUS Act, the signals are explicit. Companies are following. Since April, numerous mid-sized companies have joined MicroStrategy in converting their treasury into bitcoin.

Another structural element: the close link between bitcoin and the global money supply. Analysts have spotted a positive correlation with global M2, an indicator which, according to projections, continues to favor crypto as a hedge against inflation and monetary dilution. The increasing number of publicly traded companies holding bitcoin is the clearest confirmation.

A New Standard to Measure Financial Performance

This dominance is not just reflected in raw performance. It also changes the rules of the game. On Wall Street, many now look at performance in BTC, not just dollars.

• The S&P 500 has dropped 15% in BTC since January;
• Bitcoin surpassed $118,755, with a 27% rise this year;
• ETFs absorbed over $2 billion in July;
• Since 2012, the S&P has lost 99.98% against bitcoin;
• Nvidia gained 22% in 2025, compared to 27% for BTC.

Even investor habits are changing. BTC is increasingly less present on centralized platforms. This means one thing: holders prefer to keep, not speculate. This shows a long-term conviction, reinforced by the rise of DeFi protocols around bitcoin.

In short, we no longer just look at what bitcoin is worth. We evaluate others through it.

BlackRock, the world’s leading asset manager, did not expect this. Its Bitcoin ETF has exceeded 700,000 BTC in portfolio. This figure, already monumental, becomes spectacular when you know that its fund based on the S&P 500 took much longer to attract such a level of interest. The company itself admits that the adoption speed has far exceeded internal projections. Bitcoin is no longer an outsider. It is making its mark in the big leagues, and at lightning speed.