Since the beginning of 2025, Bitcoin has gained +25.1%, confirming itself among the top assets 🚀. On the stock side, the Nasdaq is up +11%, the S&P 500 +9.11%, and the Dow Jones +7.26%. Among safe-haven assets, gold advances +28%, while EUR/USD rises +13.6%, showing the strength of the euro against the dollar 💶. Indeed, the dollar index is down 9.90% 📉.
Bitcoin and gold dominate financial assets
This trend indicates a capital rotation scenario: Bitcoin and gold are emerging as both safe-haven and speculative assets, with notable gains (+25.1% and +28%) ✨.
US stock indices (Nasdaq +11%, S&P 500 +9.11%, Dow Jones +7.26%) are rising but with less strength than crypto and precious metals, signaling a positive but not euphoric stock market 📊.
Finally, the appreciation of the euro (+13.6% vs USD) and the decline of the Dollar Index (-9.9%) show dollar weakness, a factor that favors both commodities and dollar-denominated assets 💹.
Bitcoin pullback and S&P reaction
Although Bitcoin’s performance since the beginning of 2025 is significantly higher than stock indices, looking at the last few weeks in the attached chart, the price has entered a sharper pullback phase after its ATH at $124,517 🔻.
The chart also shows that after Powell’s speech, the S&P 500 reacted positively, closing the latest daily candle +1.49% and approaching its all-time high at 6,508.75 points 📈.
Magnificent Seven and Big Tech
In 2025, the US market is still driven by the so-called Magnificent Seven: Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta, and Tesla. These giants dominate US indices and have been the main drivers of the Nasdaq and S&P 500, thanks to their central role in AI, cloud, and semiconductors 🤖💻.
NVIDIA, Microsoft, and Meta stand out as the best performers, boosted by the AI demand explosion, while Tesla and Apple have recorded significant declines of -10.30% and -6.6% respectively since the start of 2025. Amazon and Alphabet remain more stable, with moderate but solid fundamental performance 🏢.
Palantir case and market impact
Alongside the established big names, mid-cap companies linked to AI and digital infrastructure are emerging. Among these, Palantir (PLTR) stands out, continuing to impress thanks to growing adoption of its data analytics and AI software, reinforcing its image as a “bridge” stock between Big Tech and frontier innovation. In 2025 it grows +110%, having closed negative only in March over the last 12 months 📊💡.
S&P 500 and capitalization
The Magnificent Seven’s capitalization has a huge weight on the S&P 500. As of August 2025:
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Combined capitalization of the Magnificent Seven is around $19.3 trillion 💰
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The entire S&P 500 is worth about $53.6 trillion
Thus, the Magnificent Seven represent about 34-35% of the total S&P 500 value, a significantly higher weight than estimated ⚖️.
Dollar decline
The only negative asset is the dollar, as seen in the Dollar Index (DXY), which represents the US dollar strength against a basket of six major currencies: euro (57.6%), Japanese yen (13.6%), British pound (11.9%), Canadian dollar (9.1%), Swedish krona (4.2%), and Swiss franc (3.6%) 💵.
The euro has the greatest weight; its strengthening tends to push the index down, while weakening pushes it up. This mechanism directly reflects the dollar’s comparison with other global currencies 🌍.
Correlation between Bitcoin and Dollar Index (DXY)
Historically, Bitcoin has shown an inverse correlation with the DXY: when the index rises, BTC tends to weaken, while a dollar decline increases “risk-on” appetite and supports Bitcoin’s role as an alternative store of value 🪙. In 2025, this trend is being confirmed 📈📉.
