Bitcoin has been underperforming stocks since the deleveraging event in early August

According to the latest weekly report, Bitcoin has underperformed the U.S. stock market and other macro assets recently. Bitcoin has been underperforming the stock index since the deleveraging in early August.

Coinbase analysts David Duong and David Han pointed out: "From a risk-adjusted perspective, the Bitcoin price is currently 0.50 standard deviations below its three-month average, while the S&P 500 is actually 1.41 standard deviations above its three-month average."

Analysts believe that Bitcoin's recent price performance has been volatile and trading in a relatively narrow range, which is consistent with concerns about the lack of a new specific narrative to drive asset price performance. They said: "Bitcoin prices have struggled to fully recover since early August. The lack of a new narrative, coupled with the fact that September has historically been a difficult period for cryptocurrencies, has kept traders on the sidelines."

The main reasons for this include reduced ETF inflows, Bitcoin-specific oversupply, and the recovery of the US dollar index, which may have a drag on cryptocurrency performance.

Analysts also noted that Ethereum continues to underperform Bitcoin, with the ETH/BTC ratio reaching a year-to-date low, which correlates with outflows from spot Ethereum ETFs.