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.
A bullish catalyst, BlackRock’s spot Bitcoin ETF submission on June 15 reversed the earlier decline to a new year-to-date high of $31,440 some eight days later.
after then, Bitcoin has fallen 3% after reaching its YTD high on June 23 and has been buying and selling in a narrow range between $29,860 and $31,030.
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.
The original version of this post, “Bitcoin correlation to Nasdaq sinks to 3% low in June,” was published by CryptoSlate.
