Bitcoin and the Standard & Poor's 500 started diverging after Donald Trump's election, but the two asset classes have recently started moving more in sync, according to Andre Dragosch, head of European research at Bitwise. Bitcoin and the Standard & Poor's 500 are again starting to correlate closely, with a correlation of 0.88 on the most recent 20-day moving average (0 means no correlation and 1 means absolute correlation). Dragosch concludes: "While on-chain factors could provide a significant boost at least until mid-2025, a deterioration in macro conditions could also pose short-term risks for Bitcoin, especially given that its correlation with the Standard & Poor 500 remains relatively high."