When everyone at the party is dancing, the one sitting in the corner might be the most sober. Earlier this year, a well-known asset management firm’s leader pointed out an interesting phenomenon in their annual report — when global assets move in sync like puppets controlled by the same string, Bitcoin stands out on its own.

The market is indeed a bit strange. Traditional investment portfolios are heavily influenced by correlations among stocks, bonds, and gold, but data from this institution shows that Bitcoin’s correlation with these assets is surprisingly low.

Looking at the data specifically: from January 2020 to early 2026, weekly returns show that Bitcoin’s correlation with gold is only 0.14 — far below the 0.27 correlation between the S&P 500 and bonds. Even Bitcoin’s correlation with bonds is nearly zero (0.06). The highest correlation between Bitcoin and the S&P 500 is only 0.28, which is in a completely different league.

From another perspective: when your stocks, bonds, and gold are all falling, Bitcoin might be moving against the trend. In a highly correlated market, higher returns are inherently more valuable. True uncorrelated assets have become a luxury. Many institutional investors are re-evaluating the role of digital assets in their portfolios — not for quick profits, but to survive.