BTC, DXY, SPX, NDX, ALTS, AND GOLD CORRELATION
What is the BTC, DXY, SPX, NDX Correlation Chart?
It is thought that there is a correlation between the price of Bitcoin/crypto and stocks and that crypto assets often follow the price action of traditional stock market. Although not always the case, you can use this chart that provides real-time correlation between the values of Bitcoin, US Dollar (DXY), S&P 500, Nasdaq, TOTAL1, TOTAL2, and Gold to know where the market may be heading next.
Bitcoin's correlation with traditional financial markets has been a central topic for institutional investors since Bitcoin began appearing in macro portfolios. The BTC/DXY/SPX chart overlays Bitcoin's price with the US Dollar Index (DXY) and the S&P 500 (SPX), visualizing how these three assets interact across time and identifying periods of correlation and divergence.
The DXY measures the US dollar's strength against a basket of six major currencies. Because Bitcoin is priced globally in dollars, a strengthening dollar typically creates headwinds: assets denominated in USD become more expensive for non-USD holders, and a strong dollar often signals risk-off sentiment in global markets. Conversely, dollar weakness has historically been associated with periods of strong Bitcoin performance.
The S&P 500 correlation with Bitcoin has strengthened significantly since 2020 as institutional investors began treating Bitcoin as a risk asset within multi-asset portfolios. During periods of broad market stress, Bitcoin has sold off alongside equities. During risk-on periods, both have often rallied together. However, Bitcoin has also shown the ability to decouple from equities when crypto-specific catalysts — halvings, ETF approvals, regulatory developments — dominate the price action.
Tracking these three assets together helps contextualize whether Bitcoin's price movements are driven by macro factors or crypto-native dynamics. A Bitcoin rally coinciding with a falling dollar and rising equities is likely being carried by macro tailwinds; a Bitcoin rally against a rising dollar and flat equities suggests genuine crypto-native demand that may have more staying power.