Fidelity has compiled data showing bitcoin was among the weakest-performing major liquid assets in the first half of 2026.

Blockchain outlet U.Today reported on July 8 that Fidelity Investments Global Macro Director Jurrien Timmer (주리엔 티머) released the latest version of the firm’s “periodic table of investment returns” and said bitcoin sat at the very bottom of the table along with gold and long-term bonds.

In the table, emerging markets, small caps and the Japan market took the top ranks. By contrast, bitcoin, gold and long-term government bonds clustered near the bottom. Unlike some global stock markets that posted strong returns over the same period, traditional safe-haven assets and alternative assets went through a clear cooling phase.

The table provided by Fidelity shows monthly moves through June 2026 in the final column on the right. Orange “B” tiles, which represent bitcoin, were concentrated at the bottom of this section. Timmer said this shows how much the investment landscape shifted in the first half of 2026. The structure of the table showed bitcoin delivered weaker performance than almost all major liquid asset classes.

Bitcoin was not alone near the bottom. As of June, light-green “LT” tiles representing long-term U.S. Treasuries and spot gold were also grouped in the low range. The table’s key feature was presented as the fact that assets driven by different factors gathered at the very bottom at the same time.

It is particularly unusual that bitcoin, a digital asset with an aggressive character, and gold, seen as a physical store of value, were in the same weak-performing range. Fidelity described bitcoin as being in the “bottom tier” in the returns matrix and said gold and long-term bonds were placed in a similar way to bitcoin. That amounts to three different types of assets converging into a weak range at the same time.

Market leadership also split clearly. Emerging market stocks, small caps and Japanese shares, which were classified as the first-half winners, showed risk appetite concentrated in specific stock markets. By contrast, bitcoin, gold and long-term bonds were categorized as asset classes that attracted relatively less investment money.

This material is meaningful in that it does not present a price outlook but compares relative performance by asset in the first half. As a result, whether bitcoin continues a different path from the stock market rally in the second half, or breaks away from the joint weakness seen in gold and long-term bonds, remains a point to watch.

The periodic table below shows the leaderboard through June. EM, small caps, Japan at the top and Bitcoin, gold, and bonds at the bottom. pic.twitter.com/Wb4lA9cOcd