Darkfost2026-04-15

Bitcoin diverges from stocks as S&P 500 hits new highs

Tensions between the U.S. and Iran are still far from being fully resolved, yet the S&P 500 is currently setting a new record above $7,020. After a weekend of escalation between the two nations, the start of the week shifted toward de-escalation, something the market had already begun pricing in. This was further reinforced by U.S. PPI data coming in well below expectations. The March Core PPI printed at 0.1% (vs 0.3% in February), highlighting how resilient the U.S. economy remains and how insulated it is from energy-driven inflation feeding into production costs. However, on the Bitcoin side, there has been little change. BTC continues to trade at around 40% below its last ATH, a condition that has persisted for several months now. This period of weak correlation or even decoupling from the S&P 500 is the longest observed since 2020. While BTC typically tends to follow major indices like the S&P 500 and Nasdaq, it still operates under its own internal dynamics at times, which can lead to this type of divergence.