Bitcoin's Correlation With the S&P 500 Just Hit 0.80. Is Bitcoin Trading Like a Tech Stock Again? - 24/7 Wall St.
Bitcoin's correlation with the S&P 500 has reached 0.80 as of November 6, 2026, showing the cryptocurrency is moving in lockstep with U.S. stocks while missing their rebounds.
Bitcoin is sinking in lockstep with Wall Street, yet it keeps missing the rebounds. As of November 6, 2026, Bitcoin's S&P 500 correlation over the last 30 U.S. trading sessions hit 0.80, indicating the cryptocurrency is moving in perfect alignment with U.S. stocks. On November 8, Bitcoin trades at $75,662, just below its 30-day closing low of $75,775 from November 6, putting it 40% under its all-time high of $126,080 reached on October 6, 2025.
What 0.80 Correlation Means
A correlation value of 1 means two assets move in perfect alignment, while 0 means they have no relationship. The recent 0.80 correlation from September 28 to November 2026 contrasts with roughly 0.45 from March 31, 2025, to November 6, 2026, suggesting the usual relationship is much weaker. Bitcoin was similarly aligned with stocks in 2022 when rising Federal Reserve interest rates hit growth assets, but the link broke after the FTX collapse.
However, a similar stretch in early 2025 ended differently. On March 24, 2025, Matrixport flagged Bitcoin's correlation with the NASDAQ 100 at a level seen only twice before and warned that such episodes often prove short-lived. After a tariff shock, Bitcoin surged 17.5% over the following 30 days.
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