Fidelity’s Jurrien Timmer said Bitcoin’s correlation with the S&P 500 rose last week as assets converged during a sharp selloff. A 50-day chart he posted on X, with data through Nov. 8, showed an ex-AI stock basket’s correlation with the index rising from 10% to 40% during the week, according to BeInCrypto. The S&P 500 fell 4.4% on Thursday, Nov. 5, and the Nasdaq 100 dropped 6.4%; Bitcoin fell 5.4%, while Wall Street’s fear gauge jumped nearly 70%. The article linked the market slide to bets that Democrats, who swept Congress, would regulate AI more tightly. Timmer said fast, sharp market declines can cause correlations to converge; his post also noted convergence in the equal-weight S&P 500, REITs and Bitcoin. Fidelity’s December outlook named Bitcoin, gold and commodities as diversifiers, while the dollar, Bloomberg Commodity Index and CTAs remained at or below zero correlation with the S&P 500. Grayscale research put Bitcoin’s 90-day correlation with the Nasdaq 100 at roughly 33%, down from over 60%; in August, Bitcoin traded more like gold than the Nasdaq.