The S&P 500’s push to a record near 7,400 confirms a late‑cycle, full‑risk‑on regime where Bitcoin and major crypto assets are again trading as high‑beta extensions of U.S. equities rather than as independent hedges.
Summary
- The S&P 500 has pushed to a new all‑time high near 7,400, up roughly 0.8% on the day, extending a powerful risk‑on rally in U.S. equities.
- Bitcoin and major crypto assets have increasingly traded as high‑beta plays on the same macro cycle, with BTC–S&P correlations hitting 0.7–0.9 in recent months.
- A record‑high stock market generally supports the bull case for crypto in the near term, but it also raises bubble and positioning risks if…
