In recent months, the correlation between surging US equities and Bitcoin (BTC) has shown signs of collapse, as the cryptocurrency faces a combination of excess supply and weakened demand that has led to an over 20% price drop from June highs above $70,000 for the largest cryptocurrency on the market.
Bitcoin Correlation With Nasdaq 100
According to Bloomberg, the 90-day correlation coefficient between Bitcoin and the Nasdaq 100 index dropped to 0.21 on Tuesday, marking its lowest level since the beginning of May. This decline reflects a more than 50% drop in correlation over the past two months.
Market experts attribute this decoupling to several “idiosyncratic” supply events affecting Bitcoin. Joshua Lim, co-founder of trading firm Arbelos Markets, explains that the cryptocurrency is grappling with the impact of spot sales from seized BTC held by the German and US governments experienced over the past month, as well as the distribution of funds from the defunct B
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