Fidelity data show bitcoin was among the weakest-performing major liquid assets in the first half of 2026, alongside gold and long-term bonds. Fidelity Investments global macro director Jurrien Timmer released the latest edition of the firm’s “periodic table of investment returns,” placing bitcoin at the bottom with gold and long-term U.S. Treasuries. Emerging markets, small caps and Japan ranked near the top, highlighting a shift in relative performance.

Bitcoin is nearing a key long-term support level under a long-term price model, but it is too early to call a bottom, an assessment said. Fidelity Investments global macro director of asset allocation Julian Timmer said bitcoin is approaching its long-term “Power Law” support line, set at $58,237 on his chart. Fidelity sees little catalyst for a reversal, citing shifting speculative flows and a subdued macro backdrop.