glassnode: The correlation coefficient between Bitcoin and the S&P 500 index has reached 0.8, the highest since 2020

Glassnode published that the correlation between Bitcoin and the stock market rarely reaches such a close level. In the past 30 trading days of U.S. stocks, the correlation coefficient between Bitcoin and the S&P 500 index reached 0.8.

Since 2020, this correlation coefficient has been well below this level for the vast majority of the time. Although the market occasionally discusses Bitcoin's relative strength, macro factors still determine the overall trend at present.