Oil Price Hinge: Will $96 Decide Bitcoin's Next Move?

Bitcoin's correlation with the S&P 500 fell to 0.12 during Q2, down from 0.58 in the fourth quarter of 2025, according to a joint report from Coinbase Institutional and Glassnode.

The report found that Bitcoin's daily correlation with the Nasdaq sat at 0.21 over the same window, while gold moved in the opposite direction, climbing to a correlation of 0.57 with Bitcoin, and reaching 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 report also noted that hyperscaler capital-spending guidance and the Fed's rate decision arrive in the same week as Bitcoin enters its new quarter, which could impact the market.