Bitcoin’s recent performance relative to the S&P 500 has shown a reversal: after lagging behind US stocks for months, it has recently managed to catch up within a short period and outperform the broader market. The report attributes this shift to a change in macro narratives and short-covering in the crypto market, but what is truly worth watching is whether the correlation is declining. If BTC’s rise is mainly driven by a weaker US dollar and falling Treasury yields, then it still falls under liquidity-driven trading; if it can remain strong even while US stocks churn, that would indicate that crypto assets’ independent funding sources are increasing. When comparing BTC with the S&P 500, you shouldn’t look at price alone—you should also consider volatility, trading volume, and ETF fund flows. Outperforming in the short term doesn’t mean a new long-term trend has already been firmly established; relative returns over consecutive weeks are more meaningful. For portfolio managers, changes in correlation like this can affect hedge ratios and also alter the risk budget.#比特币创2023年3月来最佳周表现 $BTC $SPYB