On April 22, according to CoinDesk, the current BTC/Nasdaq ratio reached 4.96, close to a historical high. The ratio previously set a record of 5.08 in January 2025, when Bitcoin hit a record high. Historically, this ratio has hit new highs in every market cycle, highlighting Bitcoin's excellent performance relative to Nasdaq. Bitcoin and U.S. technology stocks are increasingly divided. Year-to-date, Bitcoin is down 6%, and Nasdaq is down 15%. Since Trump was elected in November 2024, Bitcoin has risen 30%, while Nasdaq has fallen 12%. Compared with the "Big Seven" technology stocks, Bitcoin is still about 20% below its February high, but top technology stocks still outperform the Nasdaq Composite Index. As a representative of Bitcoin exposure, MicroStrategy (MSTR) also outperformed U.S. technology stocks. Since joining the QQQ ETF, MSTR has fallen 11%, while ETFs have fallen more than 16%. The divergence will be even more obvious in 2025: MSTR is up 6% year-to-date, and QQQ is down 15%.