Bitcoin (BTC) has recently shown relative strength, outperforming the U.S. stock market.

Glassnode said on Oct. 27 that over the past several weeks, Bitcoin has posted higher returns than the S&P 500 on more trading days than not.

In June, Bitcoin outperformed the S&P 500 on just one out of five trading days. That was its weakest relative performance in more than five years.

Glassnode said the recent relative strength could develop into a self-reinforcing trend. As investors shift capital toward better-performing assets, Bitcoin’s rally could strengthen further.