On April 24, according to a report by CryptoQuant analyst oinonen_t, the most important trend for Bitcoin currently is decdecoupling from US stock indices. Over the past seven days, Bitcoin has notably deviated from the S&P 500 and Nasdaq Composite indices, and its correlation with traditional stocks and tech stocks is weakening. Bitcoin's correlation coefficient with the S&P 500 has dropped from 0.88 at the end of 2024 to current0and with has also fallen 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 often labehindgged gold trends by by several months. If months Ifoustock indices continues under unchanged conditions, gold may become a leading indicator for Bitcoin.
