25% Decoupling Between Bitcoin and S&P 500: Critical Market Warning from Glassnode
According to Glassnode data, Bitcoin (BTC) has negatively decoupled from the S&P 500 index by 25% over the last 90 days, lagging behind the equity markets.
The cryptocurrency market leader, Bitcoin, has recently experienced a notable deviation in its correlation with traditional financial indices. Current data provided by the on-chain data analysis platform Glassnode reveals that the leading cryptocurrency has suffered a significant loss of strength against the S&P 500 index over the last 90-day period. While equity markets have generally continued their upward trend during this time, the Bitcoin price has remained in a downward trend, indicating that market dynamics have shifted toward an “equity-led” structure.
Upon examining the data, it is evident that the S&P 500 index gained approximately 5% in value over the last three months, whereas Bitcoin saw a 20% decline. According to chart data, these rates were recorded precisely as a 4.8% increase for the S&P 500 and a 20.6% decrease for Bitcoin. This confirms a decoupling of over 25% between the two assets. Furthermore, this negative divergence is not limited to the 90-day period but continues in a similar pattern in the short-term 7-day outlook.
Equity-Led Market Period and Risks
Glassnode analysts describe the current situation as an “equity-led tape,” or a stock-oriented market regime. This concept refers to a period where price movements and investor appetite are dominated by traditional stock exchanges rather than cryptocurrencies. According to experts, this dominant structure will not change until Bitcoin proves its own strength against the indices once again.
On the other hand, it is noteworthy that the tech-heavy NASDAQ index has lagged behind other major indices, showing an increase of only 1.9%. This weak performance creates a negative environment, especially for investors with tech-focused portfolios. Bitcoin’s inability to benefit from the stagnation in these tech stocks and the rise of general indices indicates that risk appetite has not yet fully returned to the crypto side.