Bitcoin's win rate against the S&P 500 climbs back above 50%

Bitcoin is winning more often than it loses again. Its win rate against the S&P 500 has climbed back above 50%, a sign that individual demand for the asset is getting stronger.

A win rate here measures how often Bitcoin beats the S&P 500 over a rolling window of trading sessions. Anything above 50% means Bitcoin is outperforming in more sessions than it trails.

The low point came in mid-August. According to Glassnode data, Bitcoin's three-month session win rate against the S&P 500 sank to 37.8%. That was its weakest reading in six years.

September changed the scoreboard. Bitcoin gained roughly 7% during the month, while the S&P 500 was essentially flat, moving somewhere between 0% and 0.3%.

Gold had a rougher time, falling more than 6% over the same stretch.

Zoom out to mid-August and the gap gets wider. Since then, Bitcoin's market capitalization has risen approximately 36%. The S&P 500 gained 0.8% in that period.

Bitcoin also strung together three consecutive weeks of outperforming the index in September.

Analysts at Santiment reported that Bitcoin is now moving independently of stocks, with its correlation to the S&P 500 effectively broken.

Bitcoin's 260-day correlation with the index now sits at its lowest level since 2015.