BlockBeats 消息，10 月 23 日，CryptoQuant 分析师 Axel 发文分享称，比特币与标普 500 指数仍处于牛市后期阶段：标普 500 的 52 周回报率为+13%，市场依然处于风险偏好（risk-on）模式。
BTC 与标普 500 的相关系数为 0.26——这表明两者呈中度正相关：比特币的走势通常与股市方向一致，但并非完全依赖股市。标普 500 依旧对宏观因素和政治言论高度敏感，因此任何情绪降温都可能迅速影响到比特币。
进入 2025 年第四季度后，市场关注点转向企业盈利。在经历了连续两年的收益率上升后，市场开始重新评估实际业绩。第三季度财报季目前正如火如荼地进行：在已公布业绩的 58 家公司中，所有公司业绩均超出预期，平均超出幅度达 571 个基点；预期盈利增长率也从 7% 上调至 8%——这正是牛市末期的典型特征。
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