Analysts: Bitcoin and the S & P 500 are still in the late stages of a bull market

Cryptoquant analyst Axel Adler Jr released a market analysis saying that both bitcoin and the S & P 500 index are currently in the late stage of the bull market. Among them, the S & P 500 index has returned 13% in the past 52 weeks, indicating that the market is still in risk-on mode - a stage where investors are optimistic about the economic outlook and prefer to allocate risky assets such as stocks and cryptocurrencies in pursuit of higher returns.
From the perspective of asset linkage, the correlation between bitcoin and the S & P 500 index is 0.26, showing a mild positive correlation: this means that bitcoin trends tend to be in the same direction as the stock market as a whole, but not entirely dependent on stock market fluctuations. It is worth noting that the S & P 500 index is still highly sensitive to macroeconomic changes and political speech. If traditional financial marekt sentiment cools, it may quickly spread to the bitcoin market.
In the fourth quarter of 2025, the market focus will shift to corporate earnings performance. After two years of yield growth, investors are paying more attention to the verification of actual earnings data. The current third-quarter 2025 earnings season is in full swing, with all 58 companies that have reported results exceeding expectations by an average of 571 basis points. The market's expectation for overall earnings growth has also been raised from 7% to 8% - a typical feature of the end of a bull market cycle. Looking at broader market data, 85% of companies in the S & P 500 have exceeded earnings expectations, the highest proportion since 2021. Strong performance provides key support for the late stage of the bull market.