- The indicator fell from 14% in May to 3% in June
- This is due to the regulatory shift and the popularization of derivative exchange products.
- While tech stocks froze at their level, the BTC exchange rate crossed the $31,000 mark
- The correlation between bitcoin and gold is also on the rise
Yesterday, June 26th, analytical portal Kaiko published a new article on the bull-run incentives in the BTC market on its blog. Among other things, it cites as an example the correlation between the Bitcoin exchange rate and the Nasdaq 100 index, which has reached a three-year low.
As of June, the rate is only about 3%. At the same time, since May, the index has grown by only 3%, while the BTC rate has increased by 14%. For comparison, last year the correlation level was 60%. The change is clearly visible in this graph:
In contrast, an example of a correlation between the gold and bitcoin rates is given. In June, this figure exceeded 50%, which reflects the attitude of investors towards BTC as a low-risk asset.
This may be due to a regulatory shift and the emergence of new exchange-traded derivative products. Several large companies immediately applied for the registration of bitcoin-ETF, including BlackRock. This is what spurred the asset price.
According to Kaiko analyst Dessislava Yaneva, this is precisely the reason for the decrease in correlation. While the shares of large tech companies that form the Nasdaq index are still in stagnation, BTC jumped sharply against the backdrop of the above events. The full Kaiko report can be found at link.