Want proof the 2023 stock-market rally is speculative froth? Look at bitcoin, says investment firm.

Think the early 2023 stock-market rally is built on a solid fundamental foundation? Bitcoin’s gains say otherwise, argued analysts at Richard Bernstein Advisors, in a Monday note.

“Some have argued that the year-to-date rally in more speculative issues is a fundamental shift from value to growth. The near-50% year-to-date rally in bitcoin and other cryptocurrencies leads us to strongly doubt that is the case,” they wrote.