Bitcoin and S&P 500 correlation rises above zero for the first time in a decade

ChainCatcher reports that CryptoQuant analyst Darkfost noted that, using a 90-day rolling window, the cumulative Z-score measuring the correlation between Bitcoin returns and S&P 500 returns has risen above zero for the first time since 2015, reaching 98.5. A value above zero indicates higher-than-usual correlation between Bitcoin and the S&P 500, while a value below zero indicates lower correlation; the cumulative Z-score aggregates deviations to illustrate the trend. Darkfost stated that this trend has shown a clear upward trajectory since its low point, and this breakout is symbolic, as Bitcoin is increasingly moving in tandem with the stock market. Darkfost also noted that the recent upward momentum in this correlation has begun to slow; the rate of change in the 90-day correlation has declined from its recent peak to 6.3%. While the correlation remains above average, it is no longer strengthening as rapidly as before. He attributes this primarily to market maturation, as improved ETF access and trading infrastructure have led more financial professionals to treat Bitcoin as a conventional financial asset.