#CryptoMarketBouncesBack Bitcoin’s outperformance against U.S. equities is helping revive optimism across crypto markets, according to analysis from Coinbase’s institutional research division. The firm suggested the industry may be moving beyond what it calls “peak pessimism” as market participation improves and macroeconomic conditions begin to shift.

In a post on X, Coinbase Institutional noted that Bitcoin has been outperforming major U.S. stock indices such as the S&P 500 and Nasdaq Composite since March. Data shared by the group included a 90-day rolling z-score analysis showing Bitcoin’s performance recovering toward neutral levels after a sharp decline earlier in the year, while momentum in U.S. equities appears to be weakening.
The firm also pointed to macroeconomic signals, including cooling U.S. nonfarm payroll data, which could challenge the narrative of a strong labor market and potentially affect global risk appetite. At the same time, Coinbase Institutional reported a rise in its systematic leverage ratio, indicating improving participation in crypto markets.
Despite the positive signals, the group said it remains cautiously optimistic, emphasizing that further confirmation will be needed to determine whether the current trend could develop into a sustained upward move for the broader crypto market. 📊