(Bloomberg) -- For much of the year, Bitcoin has traded in the same way as US stocks, falling when they fall and rising when they have a good day. Not on Monday.

The largest digital coin by market value rose more than 2% at one point at the start of the week to trade around $19,300. The S&P 500, on the other hand, lost as much as 1.3% and was on pace to notch its fifth straight losing session. Ether, Binance Coin, Solana and other cryptocurrencies also advanced.

“A lot of the players still holding crypto now are the stronger hands,” said Andrew Tu, head of growth for crypto algorithmic-trading firm Efficient Frontier.

In fact, the number of so-called hodlers -- investors who are committed to crypto through thick and thin -- with as much as 0.1 BTC has grown in recent months, a trend that’s contrary to past bear markets, according to a note from Bitfinex. 

“On-chain data suggests that many of those attracted by rising prices in 2020 and 2021 have stuck around, and they continue to invest a significant chunk of their capital in digital assets,” the note said. “So while their portfolios have lost value, those losses aren’t locked in because they haven’t sold --- the on-chain data suggests those holders are optimistic the market will bounce back, keeping market fundamentals relatively healthy.”

It’s unusual for crypto and equities to de-couple. They’ve moved in tandem for the majority of 2022, as policies from the Federal Reserve have weighed heavily on both asset classes. US stocks have suffered and are down more than 20% from highs reached at the start of the year. Meanwhile, Bitcoin is down some 60% in the same span. 

“At some point, the market will be controlled by those in the community that are long-term believers in BTC and very unlikely to sell and the growing global community which use BTC for commerce,” said Stephane Ouellette, chief executive of FRNT Financial Inc. “When the latter participants control the market, one would expect correlations with risk assets to break down and BTC to ‘start trading in its own world’ as I believe we are seeing now.”

Still, the market mood has remained sour after this year’s drubbing, with the general population showing less interest in the space. Overall adoption has slowed down worldwide, the Bitfinex note said. 

©2022 Bloomberg L.P.