On-Chain Data Shows Bitcoin’s Decoupling From S&P 500 Is “Upcoming”

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For the past few months, Bitcoin’s price action has largely been beholden to legacy markets like the S&P 500, the U.S. dollar index, and gold. The cryptocurrency has crashed and surge intandem with these markets, suggesting it is not uncorrelated as many once said. While this may be true in the short term, analysts think that the markets will decouple eventually. Bitcoin Is Primed to Decouple From the S&P 500, Top Analyst Says Willy Woo, a prominent on-chain analyst, has recently been one of the most prominent commentators on Twitter saying the correlation will break. He recently stated that BTC will do so as its internal adoption curve will allow it to outpace the S&P 500 and other legacy markets. Woo shared the chart below on September 26th, which suggests that Bitcoin has seen a strong surge in active users. This trend, he suggests, could drive BTC higher. “If you…

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