S&P 500 has added crypto's $2 trillion market cap this month. Bitcoin is not impressed. Here's why

U.S. equities, led by an AI-heavy rally, have added about $2.1 trillion in market value this month, nearly matching the size of the entire crypto market, yet Bitcoin has lagged and remains stuck near $64,600. The article argues Bitcoin’s muted response is driven by multiple factors: the stock rally is concentrated in AI and semiconductors rather than broad risk-on demand; crypto faces its own headwinds from the Coldcard exploit, uncertainty over the Clarity Act, and reports of Strategy selling BTC; and higher bond yields are reducing crypto appetite by keeping capital in stablecoins. Institutional demand also looks uneven, with U.S. spot Bitcoin ETFs seeing a $61.53 million outflow after a weak inflow streak. Analysts say BTC may remain range-bound until clearer Q4 catalysts emerge, including potential regulatory clarity, stablecoin growth, and a possible cycle bottom in October.