Bitcoin Tops 50% Win Rate Against S&P 500

Bitcoin's relative performance against the S&P 500 has seen a significant turnaround. In mid-August, its three-month session win rate hit a six-year low of 37.8%, but by September, it had climbed back above 50%. This means that over a rolling window of trading sessions, Bitcoin is now outperforming the index in more sessions than it trails.

Bitcoin's gain of around 7% in September, while the S&P 500 remained essentially flat, was a key factor in this turnaround. The asset also saw strong inflow days from US spot Bitcoin ETFs during this period. Smaller holders who sold out in mid-August have since returned to the market, adding demand.

Analysts at Santiment reported that Bitcoin's correlation with the S&P 500 has effectively broken, with its 260-day correlation now at its lowest level since 2015. This decoupling from Wall Street suggests that investors are increasingly treating Bitcoin as its own asset class.