Bitcoin has recently diverged from the U.S. Stock markets, particularly the S&P 500 and Nasdaq Composite. Its correlation to these indices dropped from 0.88 to 0.77, indicating a shift in demand towards Bitcoin as a safe haven.
Data shows Bitcoin is increasingly behaving like gold, with its correlation coefficient improving. In April 2025, this coefficient rose from a negative 0.62 to a negative 0.31, suggesting a newfound stability as investors seek alternatives.
As stock markets face volatility, Bitcoin’s price adjustments suggest a behavioral shift among investors. With macroeconomic risks on the rise, Bitcoin’s status as a digital equivalent to gold may be realized more fully.
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