Analyst: Bitcoin and the S&P 500 are in the late stage of a bull market, and any downturn in sentiment could quickly impact Bitcoin.

On October 23rd, CryptoQuant analyst Axel shared a post indicating that both Bitcoin and the S&P 500 Index are still in the latter stage of a bull market. The S&P 500 has a 52-week return rate of +13%, suggesting that the market remains in a risk-on mode. The correlation coefficient between BTC and the S&P 500 is 0.26, which shows a moderate positive correlation. Bitcoin's trend typically aligns with the direction of the stock market but is not completely dependent on it. The S&P 500 remains highly sensitive to macro factors and political discourse. Therefore, any cooling of sentiment could quickly affect Bitcoin. After entering the fourth quarter of 2025, the market's focus has shifted to corporate earnings. After two years of rising yields, the market is starting to reevaluate actual performance. The third-quarter earnings season is currently in full swing. Among the 58 companies that have reported earnings, all have exceeded expectations, with an average outperformance of 571 basis points. The expected earnings growth rate has also been revised upward from 7% to 8%, which are typical characteristics of the late stage of a bull market.