Cryptoquant: Bitcoin and the S&P 500 are in the late stage of a bull run, and any cooling in the market could quickly affect BTC prices.

PANews October 23 news, Cryptoquant analyst Axel Adler Jr released a market analysis stating that Bitcoin (BTC) and the S&P 500 are currently in the late stage of a bull run. The S&P 500's return rate over the past 52 weeks is +13%, indicating that the market is still in a risk-appetite mode. The correlation between BTC and the S&P 500 is 0.26, suggesting that the movements of the two are moderately positively correlated, with Bitcoin tending to align with the direction of the stock market, but not completely reliant on it. In addition, the S&P 500 is sensitive to macroeconomic and political rhetoric, and any market cooling may quickly affect BTC prices. In the fourth quarter of 2025, market attention will shift to corporate earnings performance. During the third quarter earnings season, 58 companies that have reported their results have all exceeded expectations, with an average beat of 571 basis points. Earnings growth is expected to rise from 7% to 8%, in line with typical performance in the late bull run.