glassnode: Bitcoin’s correlation with the S&P 500 has reached 0.8, its highest level since 2020
glassnode said that the link between Bitcoin and the stock market has rarely been this close. Over the past 30 U.S. trading days, Bitcoin’s correlation with the S&P 500 reached 0.8. Since 2020, this correlation has been well below that level for most of the time. Although the market occasionally discusses Bitcoin’s relative strength, macroeconomic factors continue to drive the overall trend for now.
glassnode said that the link between Bitcoin and the stock market has rarely been this close. Over the past 30 U.S. trading days, Bitcoin’s correlation with the S&P 500 reached 0.8. Since 2020, this correlation has been well below that level for most of the time. Although the market occasionally discusses Bitcoin’s relative strength, macroeconomic factors continue to drive the overall trend for now.