Bitcoin (BTC) Fell 13% on Average During Deep Global Stock Declines

Bitcoin fell in 93% of rolling four-week stretches when global stocks dropped more than 5%, while gold edged higher, highlighting the cryptocurrency’s record during sharp equity downturns over the decade through Jan. 30, 2026. During those periods, the MSCI World Index lost 8% on average, Bitcoin dropped 13% and gold gained 0.4%. “Historically, bitcoin hasn’t consistently protected portfolios during equity market weakness,” wrote Dana Harlap, global investment strategist, and William Smith, portfolio construction strategist. A broader measure captures a different set of market conditions. Bitcoin’s monthly returns had a 0.18 correlation with the S&P 500 from January 2011 through June 2026, a period spanning rising and falling markets.

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