Bitcoin Is Beating the S&P 500, so Why Is $85,000 Still Out of Reach?

In October, bitcoin outperformed the S&P 500 on more trading days than it lost, yet it failed to hold above $85,000 and recently struggled to stay clear of $80,000. Glassnode’s on-chain data identified twelve factors across demand, supply and sentiment. ETF flows reversed after a $653 million inflow on October 19, while roughly 4 million BTC acquired at $85,000 to $118,000 remained with long-term holders; break-even selling by those holders was cited as a reason the $84,000 to $85,000 range capped gains. Bitcoin peaked at $87,100 on September 23 but had closed above $85,000 only five days since January. The Federal Reserve held rates steady on October 28 after a quarter-point increase in September.