With a few hours to go, bitcoin has tumbled 22% in the first quarter, following a 25% drop in the last quarter of 2025. Though it has outperformed since the outbreak of the Iran war, bitcoin has trailed U.S. equities for nearly six months, its longest recorded stretch of underperformance versus the S&P 500. Analyst Mark Connors says bitcoin’s extended lag and earlier deleveraging could set up a rebound, though he argues that the timing will hinge largely on how geopolitical risks and energy mar…
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