Cryptoquant analyst Axel Adler Jr. has identified Bitcoin (BTC) and the S&P 500 as being in a late-stage bull market, according to a report on October 23. The S&P 500 has gained 13% over the past year, maintaining a risk-on market environment. With a correlation of 0.26, Bitcoin shows a moderate positive relationship with the S&P 500, suggesting that while BTC often moves with the stock market, it is not entirely dependent on it. The S&P 500's sensitivity to macroeconomic and political factors means any market cooling could swiftly affect Bitcoin prices. As the market shifts focus to fourth-quarter corporate earnings, the third quarter saw all 58 reporting companies surpass expectations, with an average outperformance of 571 basis points. Earnings growth projections have increased from 7% to 8%, consistent with late bull market trends.