ChainCatcher message, the data shows that the correlation between Bitcoin and the S&P 500 index has risen to 0.88, indicating a synchronization between the two markets once again, marking a reversal of the previous divergence trend (since Trump's election, Bitcoin has risen by 47%, while the S&P 500 index has only risen by 4%).

Bitwise European research director Andre Dragosch attributes the re-emerging correlation to macroeconomic factors, including the revised interest rate cut predictions from the Federal Reserve and the strengthening dollar, which continue to pressure both cryptocurrency and traditional markets. Despite Bitcoin having strong on-chain support, its movements are increasingly influenced by broader market trends, suggesting potential short-term risks in the future.