Bitcoin S&P 500 Correlation May Fade as Weak Summer Jobs Data Could Boost BTC and Gold

10x Research suggests Bitcoin is decoupling from the S&P 500. Weak summer employment data may trigger September rate cuts, benefiting Bitcoin and gold as market expectations shift.

Woofun AI reports that 10x Research indicates Bitcoin may be losing its correlation with the S&P 500. The analysis posits that if weak summer employment data prompts the Federal Reserve to cut rates in September, Bitcoin could emerge as a primary beneficiary alongside gold.

Following the July 2026 FOMC meeting, bond traders initially priced in two rate hikes by year-end, assuming four July voters would support a September hike.

However, 10x Research argues this stance was premature. Historical seasonal labor market weakness, which contributed to rate cuts in September 2024 and 2025, may recur. As the World Cup concludes, potential softening in employment trends could force traders to revise hike expectations, supporting gold and Bitcoin.