[Bloomberg Analyst: Bitcoin Fails to Become a Leading Indicator for the Stock Market] Bloomberg Senior ETF Analyst Eric Balchunas' research shows that Bitcoin is not a leading indicator for the stock market. Data indicates that after months of Bitcoin declines, the stock market still performs positively 62% of the time. Balchunas also pointed out that the S&P 500 Index (SPY) has shown strong performance, remaining stable even during months when both Bitcoin and stocks decline.