Bitcoin Decouples During Macro Concerns After a year of strongly correlated moves with the S&P 500 Index corrections, in the last few days bitcoin has shown the beginnings of a long, awaited decoupling point during an increasingly uncertain macro environment. Over the last few weeks, bitcoin has rallied 34.86% while Gold, the S&P 500 and the market-weighted index of the U.S. Treasury debt with remaining maturities of 20 years or more (TLT) were all in negative territory.