Биткойн отделяется от фондового рынка: нулевая корреляция с S&P 500 в третьем квартале Translation: Bitcoin Detaches from the Stock Market: Zero Correlation with S&P 500 in Q3

In the third quarter, the price of the leading cryptocurrency exhibited a detachment from the trends of the American stock market, as reported by CoinGecko.

Analysts observed a decline in the correlation between Bitcoin and the S&P 500 index, dropping from 0.9 to zero. Meanwhile, other digital assets maintained a moderately high correlation with the stock index, measuring 0.68 compared to 0.88 previously.

The overall market volatility has significantly decreased: the annual volatility of the S&P 500 index fell from 30.7% to 10.6%, while Bitcoin’s volatility dropped from 42.1% to 29.2%.

At the same time, the statistical relationship between Bitcoin and gold reached peak levels. On October 14, the correlation approached a historic high of 0.9, driven by gold’s price reaching a record $4,179.48 per ounce.

Experts indicate that this trend reflects a growing interest among investors in the asset as a reliable store of value.

The correlation between Bitcoin and the overall cryptocurrency market has weakened, with the coefficient falling from 0.99 to 0.64. CoinGecko specialists attributed this change to the outperforming momentum of altcoins, which significantly surpassed Bitcoin’s growth rate in the third quarter.

«There is a structural divergence: while Bitcoin shows independent dynamics, altcoins and other crypto assets still heavily depend on positive sentiment in the U.S. stock market,» they added.

In contrast, Ethereum and BNB saw increases of 67% and 54% respectively, while Bitcoin only rose by 6.4%. The price of XRP surged by 27%, and Solana increased by 35%.

The growth rates of Bitcoin lagged behind gold, which appreciated by 15.6%, as well as the Nasdaq and S&P 500 indices, which gained 12.2% and 7.9% respectively.

Analysts pointed out a positive trend: the average daily trading volume of Bitcoin rose by 28.4%, reaching $41.1 billion. This ended the downward trend in trading activity observed in the first two quarters.

Additionally, analysts from Glassnode highlighted a concentration of options premiums for digital gold in the range of $115,000 to $130,000.

Peter Brandt stated that the price of the leading cryptocurrency could exceed $125,000 after another decline.