What's next after bitcoin's historic underperformance stretch against stocks

With a few hours to go, bitcoin has tumbled 22% in the first quarter, following a 25% drop in the last quarter of 2025. What to know : Though it has outperformed since the outbreak of the Iran war, bitcoin has trailed U.S. equities for nearly six months, its longest recorded stretch of underperformance versus the S&P 500. Analyst Mark Connors says bitcoin’s extended lag and earlier deleveraging could set up a rebound, though he argues that the timing will hinge largely on how geopolitical risks and energy markets evolve.