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Caleb Franzen highlights that Bitcoin is trading at new multi-year lows relative to semiconductor stocks. The BTC/SMH ratio is at its lowest point since October 2020.
This development underscores how the performance of Bitcoin has lagged compared to leading semiconductor stocks in recent periods.
Franzen has previously highlighted weakness in major crypto pairs, noting that ETHBTC recently dropped to levels last seen in July 2025. He attributed that move to a lack of risk appetite following a 200-day moving average rejection. Separately, Franzen described the latest S&P 500 rally as historic, citing significant wealth gains for investors.