According to CoinMeta, as reported by Glassnode, Bitcoin has exhibited a correlation of 0.80 with the S&P 500 over the past 30 U.S. trading days, which is a rare phenomenon in recent years. Since 2020, Bitcoin's correlation has been significantly lower than this level for most of the time. Despite discussions in the market about Bitcoin's relative strength, current macroeconomic factors are still dominating the market direction.