Bitcoin and U.S. stocks are weakening, and gold may become the leading indicator of BTC

暴哥正能量

趋势研究员

04-24 17:30

On April 24, according to a report by CryptoQuant analyst oinonen_t, the most important trend of Bitcoin is the decoupling from the US stock index. In the past seven days, Bitcoin has significantly separated from the S&P 500 and Nasdaq Comprehensive Index, and its correlation with traditional stocks and technology stocks is weakening. The correlation between Bitcoin and the S&P 500 fell to 0.77 from 0.88 at the end of 2024, and the correlation with Nasdaq also dropped to 0.83 from 0.91 in January.

It is worth noting that the correlation between Bitcoin and gold is increasing, with the correlation number rising from -0.62 at the beginning of the month to the current -0.31. Bitcoin used to lag behind gold for months. If the current decoupling trend from the stock index continues, gold may become the leading indicator of Bitcoin when other conditions remain unchanged.

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