Bitcoin relationship to S&P 500 has returned to March levels of correlation after a period of essentially zero correlation throughout May.
As measured by the Pearson correlation between hourly returns of SPX500USD (S&P 500 futures) and BTC/USD on Coinbase, the current correlation stands at 0.31— a figure that is low but statistically significant. During May, correlation reached 0 meaning that there was no correlation. That’s quite a contrast from January when Bitcoin manifested low but statistically significant negative correlation.
Source: Tradingview, The Block Research
In contrast, the correlation between the S&P 500 and Gold has also spiked to historical levels in late March and early April but the precious metal is not correlated. The recent trend of the growing correlation between the S&P 500 and Bitcoin is not present between the S&P 500 and Gold, as the below chart indicates.
Source: Tradingview, The Block Research
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