According to data from Kaiko, Bitcoin’s (BTC) correlation with the Nasdaq dropped to 3% in June, reflecting divergent sentiment between cryptocurrencies and tech shares.
The primary cryptocurrency’s value-performance in June ranged from $24,800 to $31,360 after starting the month at $27,200.
The tech-heavy Nasdaq 100, meanwhile, has been steadily rising since the start of the year, reaching a YTD high of $15,230 on June 16. The Nasdaq has up 0.7% since June 23, when Bitcoin reached its year-to-date high.
The 30-day Bitcoin-Nasdaq correlation started the year at 60% and dropped to 22% by March, showing a decrease in the similarity of price movements between the two. The correlation struggled to increase above 45% throughout this time of transition, indicating significant consolidation.
The correlation between Bitcoin and the Nasdaq has been steadily declining throughout the year, severely falling to 3% this week from above 20% in May.
From January 1 to June 24, a chart of Bitcoin-Nasdaq price movements was made public by information analysis company Ecoinometrics. It supported a similar course of events between the two up to April, when a “good decoupling” took place.
Ecoinometrics further stated that the Nasdaq’s performance is unrelated to the larger macroeconomic environment, suggesting that an upswing reversal is imminent.