Bitcoin has recently been described as having its own strength amid market volatility. However, the latest Glassnode data reveals an increasingly tight correlation with the U.S. stock market. Over the last 30 U.S. trading sessions, Bitcoin’s price movement has correlated with the S&P 500 at 0.80—the highest level since May 2022. A value of 0.80 indicates a very strong directional relationship: when stocks rise or fall, Bitcoin has recently tended to move in the same direction. This contrasts with the period since 2020, when this correlation was typically much lower—often even negative. One key point to note: while Bitcoin does possess unique asset characteristics, in today’s market conditions, its price movements are becoming increasingly difficult to separate from Wall Street sentiment. The narrative of Bitcoin as an independent asset is now being tested by market data itself. #SP500 #WallStreet #CryptoMarket