Bitcoin Lags S&P 500, Nasdaq 100, and Gold Over 5-Year Period

Bitcoin has fallen behind the S&P 500, Nasdaq 100, and gold over the past five years, according to Bloomberg data. Since early 2021, Bitcoin’s return of roughly 73% trails gold’s 164%, the Nasdaq 100’s 82%, and the S&P 500’s 75%. As of February 5, 2026, at 10:55 a.m. EST, Bitcoin was down about 7%, with year-to-date declines approaching 30%. The outperformance narrative is eroding as selling pressure intensifies. Gold remains a favored reserve asset, and retail outflows have offset inflows following the introduction of spot ETFs. “Bitcoin’s claim as a store of value and portfolio hedge has been eroded,” said Joshua Lim, global co-head of markets at crypto prime broker FalconX. “Gold is the favored reserve asset for sovereign actors and even for crypto-native stockpilers like Tether.”