Bitcoin-S&P Correlation Near 2-Year Low: Glassnode

The falling correlation is notable because it challenges the prevailing narrative that Bitcoin is just a high-beta risk asset. If this decoupling persists, it could signal a maturation phase where crypto-specific drivers—like supply dynamics or network usage—take precedence over Fed policy and equity swings. The key question is whether this is a durable regime shift or a temporary artifact of a quiet macro calendar. Market participants will likely watch for confirmation across different volatility environments, since a single low-correlation reading can be misleading.