<div class="c-message_kit__gutter"> <div class="c-message_kit__gutter__right" data-qa="message_content"> <div class="c-message_kit__blocks c-message_kit__blocks--rich_text"> <div class="c-message__message_blocks c-message__message_blocks--rich_text"> <div class="p-block_kit_renderer" data-qa="block-kit-renderer"> <div class="p-block_kit_renderer__block_wrapper p-block_kit_renderer__block_wrapper--first"> <div class="p-rich_text_block" dir="auto"> <div class="p-rich_text_section">Bitcoin's relationship to the S&amp;P 500 has returned to March levels of correlation after a period of essentially zero correlation throughout May.</div> <div> </div> <div class="p-rich_text_section">As measured by the Pearson correlation between hourly returns of SPX500USD (S&amp;P 500 futures) and BTC/USD on Coinbase, the current correlation stands at 0.31 — a figure that is low but statistically significant. During May, correlation reached 0 meaning that there was no correlation. That's quite a contrast from January when Bitcoin manifested low but statistically significant negative correlation.</div> </div> </div> </div> </div> </div> </div> </div> <p><img class="aligncenter wp-image-69795 size-full" src="https://www.tbstat.com/wp/uploads/2020/06/EblBGvfWsAU7Gay.jpeg" alt="" width="1740" height="1076" /></p> <p style="text-align: right;"><span style="color: #999999; font-size: 8pt;">Source: Tradingview, The Block Research</span></p> <p>In contrast, the correlation between the S&amp;P 500 and Gold also spiked to historical levels in late March and early April but the precious metal is not correlated. The recent trend of the growing correlation between the S&amp;P 500 and Bitcoin is not present between the S&amp;P 500 and Gold, as the below chart indicates. </p> <p><img class="aligncenter wp-image-69797 size-full" src="https://www.tbstat.com/wp/uploads/2020/06/Screen-Shot-2020-06-29-at-2.43.17-PM.png" alt="" width="1736" height="1050" /></p> <p style="text-align: right;"><span style="color: #999999; font-size: 8pt;">Source: Tradingview, The Block Research</span></p> <p>&nbsp;</p>