Bitcoin broke its recent losing streak against U.S. equities on Monday, delivering a rare session of outperformance versus the S&P 500.

BTC rose 2.6% to above $64,000, marking its biggest daily advance in more than a month, according to CoinDesk data. In contrast, the S&P 500 declined 0.52%.

The move was notable because Bitcoin gained while the broader stock market moved lower. Bitcoin has traditionally behaved as a high-beta asset, generally recording larger percentage moves than stocks in both bullish and bearish conditions.

That relationship has weakened recently. Blockchain analytics firm Glassnode said Bitcoin outperformed the S&P 500 on only about one-third of trading days over the past three months.

With BTC trailing equities on roughly two-thirds of sessions, the cryptocurrency has recently behaved more like a lagging risk asset than the high-beta market leader it has historically been.

Wall Street’s AI Boom Weighs on Bitcoin

The powerful rally in AI-focused stocks has been one factor behind Bitcoin’s relative weakness. Investor enthusiasm for the sector has directed substantial capital toward U.S. equities, leaving fewer funds available for alternative risk assets such as crypto.

Bitcoin’s own market cycle has also limited demand. BTC climbed above $126,000 last October before entering a prolonged bearish phase.

The downturn has kept investor appetite for Bitcoin subdued, with the current four-year cycle expected by some observers to potentially reach a bottom around October.