Bitcoin Underperforms SPX, Yet Saylor Doubles Down on BTC Fundamentals

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Bitcoin price has underperformed the S&P500 in the current quarter, with BTC down 22% QTD versus SPX’s 2.18% gain. Michael Saylor and MicroStrategy added 31k BTC this quarter, emphasizing strong BTC dominance through growing tokenization and regulatory clarity. The 2025 Coin Metrics report shows wrapped Bitcoin’s market cap has quintupled since January 2023, with WBTC and cbBTC holding 172,130 BTC combined.
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