The correlation between #比特币 and #标普500 index has dropped to zero, indicating that there is currently no connection between the two. CoinAnk data shows that the last time the correlation was so low was on November 5, 2024.

We believe that the recent phenomenon of Bitcoin and the S&P 500 index returning to zero has attracted the deep attention of market researchers. This phenomenon shows that the linkage logic between the cryptocurrency market and the traditional financial market is undergoing a structural change. From the perspective of driving factors, the current trend of Bitcoin is more dominated by policy expectations and endogenous variables of the crypto ecosystem: #特朗普 The expectation of regulatory relaxation promoted by the government, the accelerated compliance process brought about by the change of SEC chairman, and the continuous inflow of funds from institutional tools such as Bitcoin ETFs together constitute the basis of its independent market. The S&P 500 index is still subject to traditional macro factors such as US real economy data and corporate earnings expectations.

The historical data is instructive. After the correlation low point in November 2024, Bitcoin broke through $100,000, reflecting that crypto assets often release greater price elasticity when they are freed from the constraints of traditional markets. The current situation may indicate that Bitcoin is evolving from a "risk asset" to an "independent asset class", and its value storage attributes and policy sensitivity are reshaping the market pricing logic. If this trend continues, Bitcoin may usher in a new cycle of differentiation from traditional financial assets.