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Volatile and Correlated to Beta: Bitcoin and Gold Bitcoin and gold have been highly volatile and correlated with the S&P 500 (SPX), which suggests what matters. What's changed -- other than the crypto's peak from an extreme in 2025 and similar for the metal in 1Q -- is that gold's annual volatility premium vs. the SPX is about 2.2x, well above its roughly 1-to-1 20-year average. Full report on the Bloomberg here: {BI COMD}#LaborMarketTestsWalsh #BTCGoldCorrelation #BroadcomDellAIResults