According to CoinMeta, the latest charts indicate that Bitcoin’s advantage over the S&P 500 and NASDAQ may have come to an end. Currently, buying the S&P 500 index requires approximately 0.12 BTC, whereas in 2012 this ratio exceeded 300 BTC. This ratio has been on a downward trend since the inception of Bitcoin and has recently broken below the 200-week simple moving average, suggesting that Bitcoin’s excess appreciation relative to stocks may have ceased. If this trend continues, the narrative of Bitcoin as a “superior value store” could lose its appeal.