If we take the broader context of this time period - the real estate market bottoms in March of 2011 and SPY sees an initial sell off that finds its bottom in October of 2011 - Bitcoin also experiences its relative low at this time. However Bitcoin recovered its highs more quickly and started setting meteoric new highs by February of 2012 while SPY was making new highs but more slowly. In general Bitcoin has more violent upside than SPY does at any point.

But when Bitcoin peaks in November of 2013 - SPY until mid 2015. By August of 2015 Bitcoin starts to break out of its lows and this is the first time SPY breaks its monthly SMA during that time period and starts to trend down. By June/July of 2016 both assets have recovered and begin their upward trend.

There is a lot of seasonal similarity but that first major distinction in 2013 is the most important factor to recognize relative to what we’re seeing now. If we’re to assume a similar pattern would occur now - that would mean SPY could continue ripping well into 2027 - while Bitcoin may already be beginning its Bear Market with no hope of a recovery yet.

SPY tends to have sharp drops that it recovers from quickly whereas Bitcoin is more likely to have long periods of time where it’s boring between those sharps drops downward. This trend suggests that having exposure to SPY during times of sharp weakness for Bitcoin could produce better returns than just sitting and waiting in Bitcoin itself.

Ultimately you need to ask yourself WHY you hold each asset. And SPY offers low risk exposure to the S&P 500 performance (substitute VOO or whatever other ETF you want to) and allows you to have an easy asset to take out margin against if you wish - along with collecting dividends. Whereas Bitcoin you really need to be prepared to buy, sell, hold or lend it to get any passive gain from the asset class. It’s important to ask yourself WHY you are building a stack of each asset and that will help you decide when to trim one and start adding to the other.