Tuesday, September 6, saw US stock markets set new records as the S&P 500 and Nasdaq 100 hit an all-time high. Meanwhile, Bitcoin’s price lagged, dropping back to the $85,000 zone. The largest cryptocurrency has remained in this zone for two weeks now.

Ideally, their prices almost always move in lockstep as they are all risk-on assets. This time, however, they did not.

Bitcoin vs S&P 500 and Nasdaq 100, 30-minute chart. Source: TradingView

Why are Stocks Hitting Records With Yields Above 5%?

AI names led the gains. AMD climbed 2.8% after CEO Lisa Su signaled strong chip demand, while Amazon added 1.9%.

Bonds gave stocks some room. The 10-year yield, which sets borrowing costs across the economy, eased to about 5.26% after touching 5.33% on Monday.

Oil helped too. Brent crude slipped under $100 a barrel as some tankers passed through the Strait of Hormuz, easing inflation fears.

Target rate Probabilities for October 28 Fed Meeting. Source: CME FedWatch Tool

“Sudden dump in US bond yields across the curve. Yields are dropping fast across the whole curve, right after the 10-year hit its highest level since 2002. Oil is also falling, and the market is now pricing in lower inflation. If this holds, the pressure on the Fed and stocks eases a lot,” analyst Bull Theory noted.

Why is Bitcoin Missing the Rally?

Bitcoin has no earnings to point to, so it has not shared the AI bid. It has been stuck between $84,000 and $87,000. The pioneer crypto now trades about 32% below its October 2025 record near $126,200.

Bitcoin Price Performance. Source: BeInCrypto

Asset manager 21Shares said Tuesday that a monthly close above $88,000 would confirm a trend change. A slide to $81,000, it warned, could open a drop toward $71,300.

Bitcoin jumped last week when a weak jobs report cut rate-hike bets. Analyst Benjamin Cowen has argued yields could fall after midterms, a shift he says could lift Bitcoin.

The Federal Reserve meets on October 27 and 28, after raising rates in September for the first time in three years. Until yields drop further, the live Bitcoin price chart may keep trailing Wall Street’s records.

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