Correlation Between Bitcoin and S&P 500 at -0.62 Over 260 Days, Daily Return at +0.40

The 260-day price correlation between Bitcoin (BTC) and the S&P 500 has reached a record low of -0.62 since 2015. According to Bitwise's 'Crypto Market Compass', this figure is based on data from Bloomberg and Bitwise Europe. Price correlation reflects the overall trend of assets, while return correlation compares the ups and downs of individual observation days. The return correlation over 260 common observations was +0.3957. For 30 observations, the return correlation was +0.14, for 60 it was +0.32, for 126 it was +0.34, and for 500 it was +0.13. Among the 115 common observation days when the S&P 500 fell, Bitcoin dropped on 76 days, with an average decline of 1.03%. On the 25 observation days when the S&P 500 fell by more than 1%, Bitcoin dropped on 22 days, with an average decline of 2.59%. If Bitcoin observations are moved one day forward, the 260-day return correlation changes to +0.14, and if moved one day back, it changes to +0.03. Bitwise emphasized that similar decoupling has occurred in the past, and the correlation between assets can vary depending on the comparison and time period.

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