Bitcoin's 90-day correlation with the S&P 500 sits at 0.34, below the 0.5 threshold that typically marks full risk-asset classification, but hot PPI data demonstrated that macro shocks can still trigger sharp intraday dislocations. The correlation with gold is 0.53 over the same period, meaning Bitcoin is tracking the monetary-store thesis almost as closely as it tracks equities. The DXY is up 5.23% year-to-date, a sustained dollar-strength headwind that partially explains Bitcoin's negative 8.63% YTD performance against a backdrop of equity gains.

BTC vs S&P 500 at 0.34 and BTC vs Gold at 0.53 over the past 90 days suggests Bitcoin is splitting its correlation between risk-asset and monetary-store behavior, with no clean decoupling signal today.