Bitcoin Decouples from Stocks as Correlation Hits Lowest Point Since FTX Collapse
Bitcoin's correlation with U.S. stocks has fallen to its lowest point since the FTX collapse in November 2022, according to data from Santiment.
The 30-day rolling correlation between Bitcoin and the U.S. stock market dropped to -0.299 in December 2025 before recovering slightly to around 0.18 in January 2026.
This shift suggests that Bitcoin is increasingly moving on its own fundamentals rather than mirroring stock market sentiment, a pattern seen during much of 2024 and early 2025 when the cryptocurrency frequently traded in tandem with tech-heavy indices like the Nasdaq.
The recent data indicates a fundamental change in market behavior, as Bitcoin's price declined approximately 43% from late August 2025 to early 2026, while the S&P 500 gained about 7% over the same period. Gold surged roughly 51% during that stretch, highlighting how different asset classes are responding to distinct market drivers.
The introduction of spot Bitcoin ETFs in early 2024 was a landmark event for the cryptocurrency industry, providing traditional investors with regulated exposure to Bitcoin. However, the aftermath has been more complex, with deleveraging pressure being a key factor in Bitcoin's price decline, even as equities have remained resilient.
The ongoing deleveraging suggests that the market is still adjusting to the post-ETF landscape, and price stability may take time to emerge.