Synchronized Gains for Bitcoin and S&P 500 Raise Correlation Questions

A synchronized gain for Bitcoin and the S&P 500 on July 27 has raised questions about their correlation. The rally followed a decline in Brent crude prices, which fell 8.7% to $88.36 per barrel after the U.S. and Iran paused strikes over the Strait of Hormuz.

The S&P 500 futures rose 0.80%, while Nasdaq 100 futures gained 1.36%. Bitcoin climbed 1.2% to $65,200.

This was a notable shift, as Bitcoin and the S&P 500 had spent most of Q2 moving in opposite directions. The correlation between the two assets fell to 0.12 in Q2, down from 0.58 in Q4 2025.