ChainCatcher 消息，Cryptoquant 分析师 Axel Adler Jr 发布市场分析表示，比特币（BTC）与标普 500 目前处于晚期牛市阶段，标普 500 过去 52 周回报率为 +13%，显示市场仍处于风险偏好模式。BTC 与标普 500 的相关性为 0.26，表明两者走势呈温和正相关，比特币倾向于与股票市场方向一致，但并不完全依赖。
此外，标普 500 对宏观经济与政治言论敏感，任何市场降温可能会迅速影响 BTC 价格。2025 年第四季度市场关注点转向企业盈利表现。在第三季度财报季中，已发布业绩的 58 家公司均超预期，平均超出 571 个基点，预计盈利增长从 7% 上升至 8%，符合牛市后期的典型表现。
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