For years, Bitcoin traded like a leveraged tech stock. When the Nasdaq sneezed, Bitcoin caught pneumonia. That relationship appears to be fracturing in a meaningful way.
The correlation between Bitcoin and US equities has dropped to its lowest point since the November 2022 FTX collapse, according to Santiment data. The 30-day rolling correlation dipped to -0.299 in December 2025 and settled around 0.18 in January 2026.
Diverging paths tell the story
The numbers paint a striking picture of two asset classes going their separate ways. From late August 2025 to early 2026, Bitcoin’s price fell roughly 43%. Over a similar stretch, the S&P 500 gained about 7%. Gold, meanwhile, surged 51%.
After reaching an all-time high of approximately $126,000 in October 2025, Bitcoin experienced a pullback exceeding 50% by mid-2026.
