On August 17, Bitcoin outperformed the stock market, marking a rare occurrence as it had only surpassed the S&P 500 in one out of the last three trading days, according to insights from Glassnode.
bitcoin:native outperformed the stock market today.
This has become a less common occurrence lately.
1/2 pic.twitter.com/qoHWVELQh5
— glassnode (@glassnode) August 17, 2026
Analysts highlighted that this situation marks the longest period of Bitcoin lagging behind the S&P 500 in six years of tracking.
“The question now is whether this is the start of a trend or just one of those three days,” the experts added.
At the time of writing, Bitcoin was trading at approximately $64,300, having gained just over 1% in the past 24 hours. In contrast, the S&P 500 declined by 0.5% during the same period.
Hourly chart of BTC/USDT on Binance. Source: TradingView.Joao Wedson, founder of Alphractal, noted that Bitcoin remains in a neutral zone according to the Leverage Pressure Zone metric. This indicator evaluates data from 30 exchanges to compare derivatives positioning with on-chain activities.
Bitcoin Leverage Remains in a Neutral Zone
There are no signs of excessive leverage in the market right now.
In fact, Bitcoin is currently in a neutral zone according to the Leverage Pressure Zone, which analyzes data from 30 exchanges and compares derivatives positioning with… https://t.co/TZDbAfhmvg pic.twitter.com/2xNZnUk96A
— Joao Wedson (@joao_wedson) August 17, 2026
Wedson explained that a neutral reading indicates a more stable market structure, especially ahead of "periods of increased leverage, which are often followed by heightened volatility and forced liquidations."
Meanwhile, a contributor to CryptoQuant known as Gaah noted that funding rates for Bitcoin have returned to this year's highs, reaching a peak not seen in 20 months.
Source: CryptoQuant.“Market sentiment in the derivatives space is positive within the current price range of the leading cryptocurrency. This suggests that most traders are opening long positions,” the analyst emphasized.
Additionally, on August 17, XWIN Japan pointed out an increase in Bitcoin supply alongside weak spot demand.