Bitcoin (BTC) advanced to $66,000 after Tuesday’s gains on the US stock market, as cryptocurrencies tried to stop their 2026 decline.
Important Points:
Bitcoin moved above $66,000 on Wednesday, recovering along with US stocks.
Bitcoin Coinbase Premium Index ETF flipped positive amid $258 million in inflows.
While BTC’s correlation to stocks and gold is at its weakest since 2022, it has historically signaled significant upside on reversals.
BTC price is recovering along with US equities.
Bitcoin’s recovery is closely aligned with a similar recovery in the US stock market on Wednesday, with AI and tech driving the stock market higher.
The tech-focused Nasdaq led the rally with daily gains of 1.05%, while the S&P 500 added 0.68%. The Dow closed up 421 points, closing the session 0.86% higher on Tuesday.
Related: Bitcoin jumps to $66K as rumors swirl over Jane Street selling algorithm
Crypto-related stocks also saw moderate gains, with crypto exchange Coinbase ( COIN ) up 1.12% and Strategy ( MSTR ) up 0.73%.
The rapid recovery of US equity markets seems to have played a role in easing the negative pressure on crypto investors looking to reduce exposure to risk assets.
This is evidenced by the Bitcoin Coinbase Premium Index, a metric that tracks the price difference between BTC on Coinbase and Binance, which has turned positive for the first time since January 15th.
That means “US buyers are stepping up,” analyst Nick said in a post Wednesday, adding that the index needs to remain positive to ensure sustained buying pressure.
The return of demand in the U.S. was also reflected in Bitcoin ETFs, which recorded net inflows of $258 million on Tuesday.
Bitcoin Won’t Be Disconnected Forever: Analysis
Bitcoin, often viewed as a risk asset in the short term, has often moved in tandem with the stock market, particularly the S&P 500.
The past six months have seen a steady cycle of breaking this correlation. The daily correlation coefficient index between BTC price and the US benchmark index, the S&P 500 index, is currently 0.32 with gold, and -0.45.
“Since the end of August, gold is up +51%, the S&P 500 is up +7%, and Bitcoin is down -43%,” Onchain data provider Sentiment said in a recent post on X.
This marks the weakest correlation between Bitcoin and stocks since the FTX chaos of late 2022.
“Historically, when an asset that’s normally interconnected breaks down in this dramatic fashion, it’s usually not disconnected forever,” Santiment added:
“In the long term, this unusual separation actually argues for significant upside for Bitcoin and altcoins.”
If Bitcoin returns to its historical pattern of tracking equities during an economic expansion, “it may have a lot of room to catch up,” Santiment concluded.
This view was echoed by Darius Sett, founder and CIO of trading firm QCP Capital, who argued that the “Bitcoin vs. Gold” debate is often misread as a price competition, when “the more important driver is liquidity and market structure.”
The divergence between the stock and BTC “reflects position opening and leverage-driven outflows, not a failure of bitcoin’s long-term narrative,” Sit added:
“Bitcoin still behaves like a long-term inflation hedge and an increasingly obvious form of collateral.”
As Cointelegraph reported, Bitcoin adoption by institutions, banks, traders, public companies and nation states increased in 2025, confirming that it is a mature asset class for investors.
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