Bitcoin entered the third quarter with weaker ties to major stock indexes and stronger links to gold and silver, according to data through June 30.
A joint report from Coinbase Institutional and Glassnode showed Bitcoin’s daily correlation with the S&P 500 fell to 0.12 in the second quarter from 0.58 in the fourth quarter of 2025. Its correlation with the Nasdaq stood at 0.21, while links to gold reached 0.57 and to silver 0.63.
The shift ties Bitcoin more closely to real yields, the dollar and Federal Reserve policy. The central bank is scheduled to meet July 28-29, with earnings reports from Microsoft, Meta and Amazon set for late July.
Oil prices near $96 a barrel on July 24 contrast with the U.S. Energy Information Administration’s base case forecast of $74 for the third quarter. Higher oil could keep inflation elevated and push yields up, according to the analysis.
US spot Bitcoin ETFs recorded net inflows of nearly $1 billion over seven days through July 22 before a $225 million outflow on July 23. Bitcoin traded up 0.37 percent over the prior 24 hours.
