Key Takeaways
- Bitcoin gained 13% in April despite a broader market selloff.
- Ethereum’s dominance in smart contract fees significantly decreased as users migrated to other networks.
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Bitcoin showed flashes of independence from equities in April, renewing hopes that it’s evolving into a true macro hedge. However, VanEck’s recent data tell a different story.
In a monthly recap published on Monday, analysts at VanEck say that the flagship crypto asset still trades closely with traditional markets, as it quickly re-synced with major indices after a brief divergence.
Bitcoin briefly showed signs of decoupling from US equities during the week ending April 6, when former President Trump announced new tariff measures that rattled global markets. While equities and gold declined, Bitcoin climbed from $81,500 to over $84,500 at week’s end, hinting at a potential shift toward independent price action.
This divergence fueled hopes that Bitcoin might break away from traditional risk asset behavior and push toward new highs. However, the momentum did not last long, and the asset soon resumed trading in line with equity markets.
Offering more context in this area, VanEck—drawing on data from VanEck Research and Artemis XYZ—notes that Bitcoin has not meaningfully decoupled from the stock market.
Although the 30-day moving average correlation between BTC and the S&P 500 briefly dipped below 0.25 in early April, it quickly rebounded to around 0.55 by the end of the month.
Still, Bitcoin…
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