Analyst: Bitcoin’s S&P Correlation Is Not the Bull Sign It Looks

Bitcoin’s short-term correlation with the S&P 500 has turned negative recently, but on-chain analyst Axel Adler Jr. warned in his March 31 Morning Brief that this is not the bullish signal it might appear to be. The more telling metric, the BTC/S&P price ratio, has been declining since the start of the year and continues to show that Bitcoin is underperforming equities, not breaking away from them. Weak…