PANews reported on October 23rd that Cryptoquant analyst Axel Adler Jr. released a market analysis stating that Bitcoin (BTC) and the S&P 500 are currently in a late-stage bull market. The S&P 500 has returned +13% over the past 52 weeks, indicating that the market remains in a risk-on mode. The correlation between BTC and the S&P 500 is 0.26, indicating a moderate positive correlation between the two. Bitcoin tends to move in line with the stock market, but is not completely dependent on it. Furthermore, the S&P 500 is sensitive to macroeconomic and political rhetoric, and any market downturn could quickly impact BTC prices. Market attention will shift to corporate earnings performance in the fourth quarter of 2025. During the third-quarter earnings season, all 58 companies that released results exceeded expectations, with an average outperformance of 571 basis points. Projected earnings growth has risen from 7% to 8%, a typical performance in the late stages of a bull market.PANews reported on October 23rd that Cryptoquant analyst Axel Adler Jr. released a market analysis stating that Bitcoin (BTC) and the S&P 500 are currently in a late-stage bull market. The S&P 500 has returned +13% over the past 52 weeks, indicating that the market remains in a risk-on mode. The correlation between BTC and the S&P 500 is 0.26, indicating a moderate positive correlation between the two. Bitcoin tends to move in line with the stock market, but is not completely dependent on it. Furthermore, the S&P 500 is sensitive to macroeconomic and political rhetoric, and any market downturn could quickly impact BTC prices. Market attention will shift to corporate earnings performance in the fourth quarter of 2025. During the third-quarter earnings season, all 58 companies that released results exceeded expectations, with an average outperformance of 571 basis points. Projected earnings growth has risen from 7% to 8%, a typical performance in the late stages of a bull market.

                                                                               BitGo’s move creates further competition in a burgeoning European crypto market that is expected to generate $26 billion revenue this year, according to one estimate.                     BitGo, a digital asset infrastructure company with more than $100 billion in assets under custody, has received an extension of its license from Germany’s Federal Financial Supervisory Authority (BaFin), enabling it to offer crypto services to European investors. The company said its local subsidiary, BitGo Europe, can now provide custody, staking, transfer, and trading services. Institutional clients will also have access to an over-the-counter (OTC) trading desk and multiple liquidity venues.The extension builds on BitGo’s previous Markets-in-Crypto-Assets (MiCA) license, also issued by BaFIN, and adds trading to the existing custody, transfer and staking services. BitGo acquired its initial MiCA license in May 2025, which allowed it to offer certain services to traditional institutions and crypto native companies in the European Union.Read more