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Jinse Finance reported that Cryptoquant analyst Axel Adler Jr released a market analysis stating that both Bitcoin and the S&P 500 Index are currently maintaining a late-stage bull market phase. The S&P 500 Index has achieved a 13% return over the past 52 weeks, indicating that the market remains in a risk-on mode—at this stage, investors hold an optimistic outlook on the economic prospects and are more inclined to allocate assets to stocks, cryptocurrencies, and other risk assets in pursuit of higher returns. In terms of asset correlation, the correlation coefficient between Bitcoin and the S&P 500 Index is 0.26, showing a moderate positive relationship: this means that Bitcoin's trend generally moves in the same direction as the stock market, but is not entirely dependent on stock market fluctuations. It is worth noting that the S&P 500 Index remains highly sensitive to macroeconomic changes and political statements, and if sentiment in traditional financial markets cools, it could quickly transmit to the Bitcoin market. In the fourth quarter of 2025, the market's focus will shift to corporate earnings performance. After two years of yield growth, investors are paying more attention to the verification of actual earnings data. The current Q3 2025 earnings season is in full swing, with all 58 companies that have reported results exceeding expectations, with an average beat of 571 basis points. Market expectations for overall earnings growth have also been raised from 7% to 8%—a typical characteristic of the late stage of a bull market cycle. From a broader market perspective, 85% of S&P 500 constituent companies have exceeded earnings expectations, the highest proportion since 2021, and this strong performance provides key support for the late-stage bull market.