Eric Balchunas, Bloomberg's top analyst, has noted that business intelligence firm Strategy has managed to greatly outperform Invesco QQQ Trust, one of the most actively traded ETFs that tracks the performance of the tech-heavy Nasdaq-100 stock market index. Strategy's stock is now up by an impressive 7% on a year-to-date basis despite the fact that QQQ is down 10%. This shows the stock's "toughness" while also countering narratives about Strategy being simply a high beta version of the Nasdaq-100. Balchunas has added that he finds Bitcoin's strong performance surprising. The largest cryptocurrency is changing hands close to the $85,000 level. The prominent Bloomberg analyst believes that the successful launch of multiple ETF products was the reason why the price of Bitcoin managed to surge from $30,000 to $70,000 within months. The fact that Bitcoin managed to remain close to $85,000 despite the stock market correction and substantial ETF inflows shows that Bitcoin is "shockingly strong." "I think what happened is Saylor and the ETFs bought so much of it over 12 months from the tourists that it created a much stronger base of holders than in prior cycles," he said.