Bitcoin has shed roughly 20% of its value over the past three months, falling to around $64,000, while the S&P 500 climbed about 5% to hit record highs. Over the past year, Bitcoin has declined approximately 46% from its peak near $119,000. The 30-day rolling correlation between Bitcoin and the S&P 500 remains elevated, ranging from 0.5 to 0.74, yet Bitcoin is declining while equities rise, suggesting crypto-specific factors are weighing on the price. Investors who bought near the $119,000 peak are sitting on losses that rival the worst drawdowns in crypto history by dollar magnitude.
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