The Nasdaq has outperformed Bitcoin significantly in 2025, recording a 21.86% increase compared to Bitcoin's modest 2.96% gain. Despite this disparity, crypto market maker Wintermute suggests that Bitcoin's current underperformance may indicate a maturing bottom formation. Wintermute highlights Bitcoin's heightened sensitivity to stock market fluctuations, noting that it tends to decline more on Nasdaq's down days than it rises on up days. This negative performance skew, the highest since late 2022, is seen by Wintermute as a potential precursor to a Bitcoin price recovery.