Since the Bitcoin spot ETF was approved, BTC may be moving further away from the label of 'digital gold'. The latest data shows that: The correlation between BTC and gold is -0.29, indicating not only decoupling but even the opposite; The correlation with the US S&P500 is as high as 0.74, indicating a high degree of binding. This means that Bitcoin is now more like a deferred product for the US stock market, rather than a safe haven asset. Is BTC still digital gold or a slave to the US stock market? Is it a good thing or a bad thing?