Bitcoin has reclaimed a win rate of over 50% against the S&P 500, marking a recovery from a six-year low of 37.8% recorded in mid-August. This metric tracks how frequently the cryptocurrency outperforms the index over a rolling window of trading sessions.
During September, Bitcoin rose by approximately 7%, while the S&P 500 remained nearly flat with gains between 0% and 0.3%. Since mid-August, Bitcoin's market capitalization has increased by about 36%, compared to a 0.8% gain for the S&P 500 index.
Analysts at Santiment noted that the correlation between Bitcoin and the S&P 500 has weakened, with the 260-day correlation reaching its lowest point since 2015. Additionally, Bitcoin outperformed the index for three consecutive weeks in September.
The market recovery is supported by renewed demand from smaller holders and consistent net inflows into US spot Bitcoin ETFs. Meanwhile, gold prices declined by more than 6% in September, contrasting with Bitcoin's growth during the same period.
