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Former Credit Suisse global head of portfolio and Risk Dimensions CIO Mark Connors says bitcoin has just closed its longest stretch of underperformance against the S&P 500 in history — a 142-day run that ended in early May — and is now pivoting into an outperformance phase against stocks, bonds and gold.
Connors, who ran portfolio management at Credit Suisse for years, framed the move in an interview: "I think bitcoin's underperformance versus markets is over. It's in the consolidation phase [that] has shifted into an outperformance phase." Bitcoin, he added, "always takes it on the chin early, but then it always comes out first."
Why it matters
The macro backdrop is doing the heavy lifting. Connors argued that persistent inflation, structurally elevated oil prices and a "higher-for-longer" interest-rate regime are squeezing fixed income, leaving bonds — traditionally the defensive ballast — exposed. With equities also pressured by the same inputs, bitcoin's scarcity profile and non-sovereign claim start to look cleaner by comparison.
He also drew a direct line between AI and blockchain, arguing decentralized settlement is becoming a structural counterweight to inflationary pressure: "The only way to punch through that inflationary pressure is through technology." On positioning, he compared the current setup to 2020, when gold led early in the cycle before bitcoin took the baton — "Gold has had its run," he said. "Bitcoin is now on its resurgence."
Market impact
The historical reference point matters: a 142-day underperformance streak against the S&P 500 is the longest on record, and Connors reads its end as a regime signal rather than a one-day bounce. The trade implication is a barbell — lighten duration-heavy bond exposure while keeping or adding BTC — until oil and inflation data break one way or the other. Watch the next leg of CPI prints and any sustained move in front-end yields: a durable re-rating of bonds would invalidate the rotation thesis, while another leg higher in oil reinforces it.
Frequently asked questions
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What did Mark Connors say about bitcoin's recent performance?
Connors, the former Credit Suisse global head of portfolio and current Risk Dimensions CIO, said bitcoin has just ended its longest-ever stretch of underperformance against the S&P 500 — a 142-day run that closed in early May — and is now entering an outperformance phase versus stocks, bonds and gold.
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How long was bitcoin's longest underperformance streak against the S&P 500?
According to Mark Connors, the streak lasted 142 days and ended in early May 2026. He characterized it as the longest stretch of bitcoin underperformance versus the S&P 500 in the asset's history.
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Why does Connors think bitcoin will now beat stocks and bonds?
He argues that persistent inflation, structurally elevated oil prices and a higher-for-longer interest-rate regime are pressuring bonds and equities simultaneously, while bitcoin's scarcity profile and non-sovereign claim look cleaner by comparison. He also linked AI and blockchain as a structural counterweight to…
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What is Connors's view on gold versus bitcoin right now?
Connors compared the current setup to 2020, when gold led the early pandemic phase before bitcoin took over. "Gold has had its run," he said, adding that "bitcoin is now on its resurgence" as investors rotate between the two hedges.
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What would invalidate Connors's bitcoin outperformance thesis?
A durable re-rating of bonds — visible in lower front-end yields and softer CPI prints alongside easing oil prices — would undercut the rotation case. Until those macro inputs break one way, Connors favors a barbell of light bond duration with continued BTC exposure.
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