According to ChainCatcher, CryptoQuant analyst Darkfost said the cumulative Z-score for Bitcoin and S&P 500 returns, measured over a 90-day rolling window, rose above zero for the first time since 2015, reaching 98.5. A reading above zero indicates correlation is higher than usual, while a reading below zero indicates it is lower. Darkfost called the move significant, noting the trend has risen sharply from its low and Bitcoin and stocks are increasingly moving in the same direction.
Darkfost said the recent rise in correlation is slowing. The rate of change in the short-term 90-day correlation has fallen from a recent high to 6.3%. Correlation remains above average, but is no longer strengthening as quickly. He attributed the longer-term trend largely to market maturation, as ETFs and improved trading access have led more financial professionals to use Bitcoin as a conventional financial instrument.