PANews reported on October 23rd that Cryptoquant analyst Axel Adler Jr. released a market analysis stating that Bitcoin (BTC) and the S&P 500 are currently in a late-stage bull market. The S&P 500 has returned +13% over the past 52 weeks, indicating that the market remains in a risk-on mode. The correlation between BTC and the S&P 500 is 0.26, indicating a moderate positive correlation between the two. Bitcoin tends to move in line with the stock market, but is not completely dependent on it.

Furthermore, the S&P 500 is sensitive to macroeconomic and political rhetoric, and any market downturn could quickly impact BTC prices. Market attention will shift to corporate earnings performance in the fourth quarter of 2025. During the third-quarter earnings season, all 58 companies that released results exceeded expectations, with an average outperformance of 571 basis points. Projected earnings growth has risen from 7% to 8%, a typical performance in the late stages of a bull market.