According to Odaily, the correlation between Bitcoin (BTC) and the S&P 500 (SPX) has dropped to 0.05, indicating a market divergence. Over the past five years, the two have been highly positively correlated during the pandemic period and from the end of 2021 to 2022. At the beginning of 2024, both showed significant increases. However, despite the SPX continuously reaching new highs, BTC has been hovering around $60,000, occasionally falling below this level.
Since 2019, BTC and SPX have shown negative correlation four times, each time indicating a local low point in Bitcoin prices. This suggests that while the traditional stock market continues to perform strongly, Bitcoin's performance has been more volatile and less predictable. The divergence in the correlation between the two could be an indication of a shift in market dynamics, with Bitcoin potentially becoming less influenced by traditional market movements.