Bitcoin drops 16% YTD as S&P 500 rises 10%: correlation and on-chain pressure

Bitcoin (BTC) traded near $72,648.22 at press time, down 1.46% over 24 hours and more than 16% year-to-date, while the S&P 500 sat around $7,580.06 with a YTD gain of over 10%. CryptoQuant metrics for January–May 2026 showed shifting BTC–S&P 500 correlations, as on-chain signals like SOPR at 0.99 and NRPL near -$27.9 million on June 1 pointed to persistent selling pressure.