Bitcoin’s Bull Regime: Less Tied to Stocks, Driven by Its Own Flows

Bitcoin Correlations Report, May 2025

Bitcoin’s recent rally looks like a textbook case of rotation back into risk-on assets.

But now that Bitcoin has entered a new bullish regime, it doesn’t mean it will remain tightly coupled to U.S. stock indices.

In fact, this could be the point where Bitcoin starts to carve out a more independent path.

Let’s take a closer look.

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Bitcoin’s Bull Regime: Less Tied to Stocks, Driven by Its Own Flows

The Takeaway

Bitcoin remains positively correlated to risk assets like the NASDAQ 100, but in its current bullish regime, it’s reacting less to equity market moves.

That’s because its performance is increasingly driven by Bitcoin-specific factors, such as ETF inflows triggered by renewed concerns about fiscal debasement in the U.S.