In recent weeks, the US stock market has seen a significant bull run, with the S&P 500 and Nasdaq Composite hitting new all-time highs. However, major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have experienced a decline, decoupling from the stock market's performance.

Despite the stock market's surge, BTC and ETH have fallen over 10% from their yearly peaks. Other major cryptocurrencies have seen even steeper drops, with some falling more than 25% from their recent highs.

This divergence is notable as BTC and ETH had a bullish start to 2024, driven by the approval of spot BTC and Ethereum ETFs in the US. However, despite these positive developments, both cryptocurrencies have underperformed since their peaks.

Nevertheless, it's important to note that despite recent declines, BTC and ETH are still up by 50% and 54% respectively since the start of 2024, outperforming the aforementioned indexes. This suggests that while the short-term outlook may appear bearish, the overall trend for these cryptocurrencies remains positive.