Bitcoin, ether outperform S&P 500, but this week is a bad run

Despite the dollar's continued rally as Treasury yields have climbed, despite the fact that Bitcoin and ether have outperformed major stock indexes this week.

According to CoinDesk data, the price ofBTCUSD lost about 1.4% on Thursday, leaving it with a 2% gain this week. The price of ETHUSD was up about 0.5% on Thursday, but was up about 2.2% this week.

According to FactSet data, the Dow Jones Industrial Average DJIA fell 1.2% Thursday with a 0.9% loss week-to-date. The S&P SPX was down 1.8% as it looked at a 1.1% loss so far this week. The tech-heavy Nasdaq Composite COMP went 2.6% lower Thursday, down 1% week-to-date. The two assets have been trading in tandem for the past few months as concerns about Federal Reserve tightening and global growth pressured almost all risk assets. According to Glassnode, short-term holders realized price of digital currency fell below that of long-term holders last weekend. Marcus Sotiriou is an analyst at GlobalBlock, indicating a bottoming process, which has happened only three times in the history of the digital asset. If short-term holders realize price rise above that of long-term holders, it may signal a restart of the bull market, if it follows its previous patterns, Sotiriou said in a Thursday note.