Bitcoin Says “Stocks? Nah, I’m Good” – And Other Market Madness

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So Bloomberg’s senior ETF guy, Eric Balchunas — sounds fancy, right? — decides to shout from the rooftops (Twitter, mostly) that while the stock market’s doing its best impression of a nosediving eagle, Bitcoin’s out here climbing like it’s got jet packs, nudging $90,000 like it’s no big deal. Yeah, that’s Bitcoin for ya, never one to follow the crowd.

Bitcoin’s Dating a Different Market Now

Eric points out, with all the excitement of a guy who’s just discovered coffee, that Bitcoin has officially broken up with the stock market correlation. Remember those days when they moved in sync? Like well-behaved twins? Those days are gone—now they’re like oil and water, or me and exercise. On Monday, the S&P 500 took a nosedive, losing 1,000 points (ouch), while Bitcoin strutted around, up 3.57%, hitting $88,250. As if to say, “Stocks? You do you, I’ll do me.”

Then there’s gold. Sure, gold again. Eric says it’s “in the league of its own,” which is finance-speak for “I don’t even know what to say about this shiny rock.” Gold took a tiny dip, showing a negative correlation to stocks, like a rebellious teenager who just won’t fit in.

Bitcoin up big yest when stocks down, showing negative correlation to stocks past week or so, better than treasuries (which are unreliable once again), altho gold is in league of own (-98). Obv a ridic small time frame but gotta get get these small wins if it ever wants to be…

— Eric Balchunas (@EricBalchunas) April 22, 2025

And then *bam*—gold shoots to a new all-time high at $3,500 an ounce right after Donald Trump, yes that Donald Trump, announces he’s going to fire the Fed chair Jerome Powell. It’s like a political soap opera meets precious metal frenzy. Can’t make this stuff up.

Gold’s Overdone, Stocks Are Crying, and Peter Brandt Is Rolling His Eyes

Now enter Peter Brandt, a guy with 60 years of trading under his belt — that’s like, “I’ve seen things, kid” level experience. He throws his two cents in on this whole “gold is overbought, stocks are oversold” gossip circulating Wall Street water coolers. Spoiler alert: he’s skeptical.

Peter shares a chart (because what else screams “I know what I’m talking about” like a big scary chart) showing gold has been losing ground to the S&P 500 since 2012. But wait — suddenly gold’s price zoomed up 23% this year.

Gold is overbought
U.S. stocks are oversold

In the near term, maybe
In the longer term we’ve only just begun the flippening.

— Peter Brandt (@PeterLBrandt) April 21, 2025

So, Peter’s basically saying gold might be a little too hot right now, stocks are a bit sad, but the big plot twist (“flippening”) is just warming up. Plot twist, indeed. The market’s never boring — more like a never-ending episode of *Curb Your Enthusiasm* but with money and less Larry yelling at neighbors. 🤑🍿

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2025-04-22 17:32