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Bitcoin Correlation

Bitcoin Correlation With Nasdaq Falls To Lowest Since December 2021

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows that Bitcoin’s correlation with Nasdaq has fallen to the lowest since December 2021 as BTC continues its strong momentum.

Bitcoin’s 30-Day Correlation With Nasdaq Plunges To Just 0.29

According to the latest weekly report from Arcane Research, movements in US markets are becoming less relevant to BTC. The “30-day correlation” is an indicator that measures how closely Bitcoin and another given asset performed during the past month.

When the value of this metric is positive, it means BTC has been responding to changes in the price of the other asset by moving in the same direction. On the other hand, negative values imply BTC has been displaying opposite price action relative to the asset.

Naturally, the correlation is precisely equal to zero, suggesting the prices of the two assets aren’t tied in any shape.

Now, here is a chart that shows the trend in the 30-day correlation between Bitcoin and Nasdaq over the last couple of years:

Bitcoin Correlation With Nasdaq

Looks like the value of the metric has seen a plunge in recent days | Source: Arcane Research's Ahead of the Curve - January 17

As displayed in the above graph, the Bitcoin 30-day correlation with Nasdaq was at a high positive value throughout most of 2022, suggesting that BTC was moving closely with the US equity then.

Related Reading: Wrapped Bitcoin (WBTC) Supply On Ethereum Has Fallen 35% Since Last Year’s Peak

The report notes a few reasons behind the two assets being this correlated. First, institutional investors, who treat BTC as a risk asset, saw a rising presence in the market during this period. These investors are sensitive to macro movements and thus contribute to Bitcoin’s high correlation with the stock market.

Second, growth companies like Tesla held large amounts of Bitcoin exposure in the past year. This presence of public companies also naturally led to BTC being tied with Nasdaq.

Related Reading: Bitcoin Mining Difficulty Rises 10%, Sets New All-Time High

The third factor was the selling being done by miners. This cohort was being pressured by higher interest rate costs (as they took on large debts to expand their operations) and the rising energy costs, which left them with no choice but to sell off their BTC reserves.

The fourth and last reason was the short-sighted decisions made by crypto companies, who prioritized growth over healthy financials in the low-interest rate regime of the past. 2022’s prolonged bear market has left most of these firms with huge losses, forcing some of them to go bankrupt.

Most recently, however, the Bitcoin correlation with Nasdaq has decreased significantly, as the metric’s value is just 0.29, the lowest level observed since December 2021, more than a year ago.

“Compared to 2022, public companies hold far less BTC, miners have less BTC to sell, and several institutional players have left the market,” explains Arcane Research. “All of these factors are in favor of softening correlations onwards.”

BTC Price

At the time of writing, Bitcoin is trading around $21,200, up 22% in the last week.

Bitcoin Price Chart

The value of the crypto continues to move sideways | Source: BTCUSD on TradingView
Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, Arcane Research
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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