BlockBeats News, April 24th, according to CryptoQuant analyst oinonen_t's report, the current most important trend for Bitcoin is decoupling from the US stock market. In the past seven days, Bitcoin has significantly deviated from the S&P 500 and Nasdaq Composite Index, and its correlation with traditional stocks and tech stocks is weakening. Bitcoin's correlation with the S&P 500 has decreased from 0.88 at the end of 2024 to 0.77, and its correlation with the Nasdaq has also dropped from 0.91 in January to 0.83.
It is worth noting that Bitcoin's correlation with gold is increasing, with the correlation coefficient rising from -0.62 at the beginning of the month to the current -0.31. Bitcoin has historically tended to lag behind the movement of gold by several months. If the current trend of decoupling from stock indices continues and other conditions remain the same, gold may become a leading indicator for Bitcoin.
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