Cryptoquant: Bitcoin and the S&P 500 are in the late stage of a bull market, and any market cooling may quickly impact BTC prices

ChainCatcher news, Cryptoquant analyst Axel Adler Jr released a market analysis indicating that Bitcoin (BTC) and the S&P 500 are currently in the late-stage bull market phase. The S&P 500 has a return of +13% over the past 52 weeks, showing that the market is still in a risk-on mode. The correlation between BTC and the S&P 500 is 0.26, indicating a moderate positive correlation, suggesting that Bitcoin tends to move in the same direction as the stock market, but is not entirely dependent on it.

Additionally, the S&P 500 is sensitive to macroeconomic and political rhetoric, and any market cooling could quickly impact BTC prices. The market focus in the fourth quarter of 2025 is shifting towards corporate earnings performance. During the third quarter earnings season, 58 companies that have reported their results have all exceeded expectations, averaging 571 basis points above, with expected earnings growth rising from 7% to 8%, consistent with typical late-stage bull market performance.