Bitcoin fell 20 percent over the past 90 days, lagging the S&P 500, which rose 5 percent over the same period. Glassnode said the market was unlikely to move away from a stock-led trend until bitcoin regains relative strength. Crypto has been the weakest major asset class this year, though July saw bitcoin and ether rise even as tech and semiconductor shares fell. BlackRock said decoupling could be a healthy diversification signal.

Large holders of bitcoin, ether and XRP increased their holdings during periods of price weakness, according to an analysis cited by Cointelegraph. On-chain data firm CryptoQuant said rising whale balances in weak price zones can reduce available supply and concentrate holdings, though further declines remain possible. Bitcoin whale holdings excluding exchanges and mining pools rose to about 3.06 million BTC. Ether wallets holding 10,000 to 100,000 ETH hit a record, and large XRP orders stayed elevated.