The correlation between Bitcoin and US tech stocks has climbed to a high level.
The Kobeissi Letter posted on platform X stating that the correlation between Bitcoin and U.S. tech stocks has rarely risen to a high level.
The 30-day correlation between Bitcoin and the Nasdaq 100 Index has reached about 0.80, marking the highest level since 2022 and the second highest in the past 10 years.
Over the past 5 years, except for a brief period in 2023, the correlation between the two has remained positive. As a result, the 5-year correlation between Bitcoin and the Nasdaq index has reached 0.54.
In contrast, the correlation between Bitcoin and cash or gold is basically zero. Currently, Bitcoin's market performance is increasingly approaching that of leveraged tech stocks.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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