[Bitcoin Underperforms S&P 500 by Approximately 26 Percentage Points This Year; Correlation with Risk Assets Weakens] Odaily reports that the correlation between Bitcoin and traditional risk assets is weakening. Bitcoin has fallen approximately 16% year-to-date, while the S&P 500 has risen about 10%. In the past month and six months, Bitcoin has also lagged behind US stocks. Market analysts believe that AI-related investments and some small-cap stocks are more attractive to risk capital. The high-yield environment, the lingering effects of the previous large-scale liquidation in the crypto market, and the record-breaking hack on Binance may all put pressure on Bitcoin demand. Current market sentiment is cautious, and Bitcoin may face a new round of decline.