Share this article
Bitcoin Ends Q1 Closely Following S&P 500
Data from TradingView shows a correlation between bitcoin and the S&P 500 as bitcoin drops below $45,000.
By Sam Reynolds
Updated May 11, 2023, 5:23 p.m. Published Apr 1, 2022, 7:49 a.m.
As the S&P 500 closed out the first quarter down 5.5%, bitcoin closely followed, with the world’s largest digital asset tied to the S&P 500 as closely as ever.
- Bitcoin closed the quarter down 2%, tightening the correlation with the S&P to nearly 0.9 (1 is perfect correlation, -1 is perfectly inverted).
- While bitcoin touched $48,000 earlier in the week, it has since dropped below $45,000.
- The correlation between the index and bitcoin appears to be cyclical; bitcoin’s losses will outpace the stock market’s given the 24/7 nature of the asset.
- Likewise, its fast rebound will also outpace the S&P.
- Traders are concerned about the prolonged nature of the Russia-Ukraine war, and threats from the Kremlin to cut off Europe’s supply of natural gas unless the contracts are denominated in rubles.
- As CoinDesk previously reported, although bitcoin had one of its worst-ever starts to a year, it ended up gaining around 9% throughout March occasionally outperforming U.S. stocks.
- However, many layer-1 tokens like Solana, Terra, AVAX and Cardano were able to outperform bitcoin with double-digit gains on mainstream curiosity about the launch of Ethereum 2.0 according to analysts who spoke with CoinDesk.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
Top Stories
