Bitwise Europe Research Director Andre Dragosch stated that after Donald Trump's election, Bitcoin and the S&P 500 index began to diverge, but these two asset classes have recently started to move more in sync. Bitcoin and the S&P 500 index have once again begun to closely correlate, with their correlation reaching 0.88 on the recent 20-day moving average (0 indicates no correlation, and 1 indicates absolute correlation).

Dragosch summarized: 'While on-chain factors may provide significant momentum at least until mid-2025, the deterioration of the macro situation could also pose short-term risks for Bitcoin, especially considering its relatively high correlation with the S&P 500 index.'