The correlation coefficient between Bitcoin and the S&P 500 has reached 0.8 over the past 30 U.S. stock trading days, marking the highest level since 2020, according to glassnode data. Historically, the BTC-equities correlation has remained well below this threshold for most of the period since 2020. The elevated reading suggests that macro factors continue to drive Bitcoin's overall trend, despite occasional market narratives highlighting the asset's relative strength as a diversifier.