Bitcoin's Break from AI Stocks May Become a Trap if Oil Prices Climb

Bitcoin's correlation with the S&P 500 fell to 0.12 in Q2, down from 0.58 in the previous quarter, according to a joint report from Coinbase Institutional and Glassnode.

The correlation with the Nasdaq sat at 0.21 over the same period, while gold moved in the opposite direction, climbing to a 0.57 correlation with Bitcoin and 0.63 with silver.

This reversal separates Bitcoin from the AI-driven equity trade that carried much of crypto's price action over the past two years.

The Federal Reserve meets July 28-29, Microsoft and Meta report earnings on the same day, and Amazon reports on July 30, which could impact Bitcoin's price.